WaffarX, an Egypt-based cashback marketplace, has received an undisclosed multi-million dollar investment from Lobby Capital, a Silicon Valley-based venture capital firm making its first investment in the Middle East and North Africa. 

WaffarX, launched in 2018 by Ezz Fayek, Mahmoud Montasser, and Ahmed Kamal, employs cutting-edge technology to distribute cashback credits, allowing buyers to save money. Through cashback rewards, the startup’s secure conduit allows brands move and spend straight to customers. The goal is to increase brand loyalty by allowing customers to monetise their own data rather than relying on third parties.

The cash will be used to enhance the startup’s platform, increase user acquisition, and expand into other countries in the MENA area.

WaffarX has created a system that generates immediate benefits while also turning each transaction into a possible savings opportunity. The investment by Lobby Capital and existing investor A15, according to WaffarX CEO/co-founder Ezz Fayek, is “a tremendous validation of WaffarX’s business model and approach.”

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Lobby Capital is based in San Francisco and has experience investing in cashback platforms. David Hornik, the General Partner pointed out, “We are very excited that the right business model and right people can come together for Lobby’s first investment in the region.”

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WaffarX has onboarded over 260 commercial partners, as well as 450,000 members. The organization provides cutting-edge technology that caters to the needs of current customers and merchants. The cash will be used by the Egyptian firm to increase user acquisition, extend its platform, and expand deeper into MENA.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer