UK-based FinTech startup ZIPZERO bags over £1 million in seed funding
ZIPZERO has raised over £1 million in seed funding.
The startup has developed an app that allows users to receive cash rewards by sharing receipts from their everyday purchases, which are then used to pay household utility bills.
It raised the cash from a angel investors, one of which includes serial FinTech investor and founder of Global Processing Services, Craig Dewar.
ZIPZERO, which lays claim to more than 100,000 users in the UK, will use the funding for the likes of growing its platform, and securing new partnerships with retailers and brands.
It says that more than 30,000 new users signed up to use the app in January alone, with consumers searching for ways to combat record high energy bills and double digit inflation.
Partner retailers include Asda, Boots, Ebay and Sainsbury’s.
Mohsin Rashid, CEO at ZIPZERO, says: “Our funding success and recent growth underline how critical ZIPZERO’s proposition is as consumers struggle through the cost-of-living crisis.”
“With £1 million and counting secured, investors have recognised the value we bring to consumers and retailers alike: our app offers a truly mass market solution to rising costs and skyrocketing energy bills.”
“Ultimately, our mission is to empower consumers. By delivering cash rewards every time they make a purchase with their favourite brands and retailers, we are allowing them to monetise their own shopping data, creating a fairer retail ecosystem.”
He adds: “As a team, we recognise that our users rely on ZIPZERO to improve their financial well-being at this difficult time. With funding secured, 2023 will undoubtedly be an important and exciting year for us.”
“We’re looking forward to accelerating our growth; entering new partnerships with retailers and brands; delivering a fairer, transparent exchange of consumer data; and helping more consumers gain cash rewards from their shopping.”
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