South African e-commerce startup SnapnSave has raised a total of ZAR14 million or $1 million USD. Kalon Venture Partners and the Smollan group both contributed this amount to the startup to help the app that the startup developed grow and expand.
Kalon Venture Partners and the Smollan Group each invested ZAR7 million to obtain minority stakes in the e-commerce startup.
SnapnSave has since become South Africa’s leading cashback coupon app. The app offers services such as allowing shoppers to receive cash back on their favorite products just by snapping a picture of their till slip.
Mark Bradshaw, the CEO of SnapnSave, said, “Mobile-based coupons are part of the daily shopping habits of Europeans and Americans. Now we’re seeing this trend emerge in South Africa with over 15 per cent of South African smartphone owners already having used a digital coupon. Consumers love saving money and with the state of the economy they are looking at ways to put real cash back into their own pockets.”
Even though it’s been slightly over 18 months, SnapnSave has been able to give shoppers ZAR3.5 million or $262,000 USD cash back. Their app has already nearly reached a total of 200,000 installations.
The funding that they have achieved should help increase the number of app downloads to 500,000 this year in South Africa alone. The startup also plans on entering the markets of Asian and other African regional markets such as Singapore, Malaysia, Vietnam, Nigeria, Kenya, and a country in North Africa.
Bradshaw explains, “Our till slip technology means shoppers can get cashback wherever they shop simply by taking a till slip selfie. The tech is all enabled without any till point integration that as a result means the product can easily scale into markets without any barriers.”