Nigerian merchants rewards startup ThankUCash secures funding from 500 Startups mentor

Nigerian multi-merchant rewards company ThankUCash has secured funding from 500 Startups mentor Brandon Drew, who has also joined the startup as an advisor as it prepares to expand internationally.

Founded by Madonna Ononobi, Simeon Ononobi and Suraj Supekar in 2018, ThankUCash is a multi-merchant rewards platform with analytics for merchant growth.

The startup has developed a platform that enables merchants to offer cash back to encourage loyalty from customers. Customers can pay with cash or card, offline or online, and receive cash back and save as much as 50 per cent each time they spend.

Having taken part in the 26th edition of the Silicon Valley-based 500 Startups accelerator earlier this year, earning access to funding, training and mentorship, ThankUCash has now raised some further funding from Drew, one of the accelerator’s mentors. The co-founder and general partner at Saas Growth Ventures, a San Francisco-based venture fund, Drew has over 20 years of experience in the SaaS B2B space and has been involved in three exits. 

Having served as an advisor and board member to companies such as Vidcaster, Signal Zero and Lotadata, he now becomes an investor and advisor at ThankUCash, which is gearing up for local and international expansion. The startup currently operates out of Lagos, San Francisco and Pune.

“Brandon has an unquestionable depth of experience and knowledge not many people can boast of, which is pivotal to the current phase we are in. It is a pleasure to have him on board and we are sure to achieve great things together with him,” said ThankUCash chief executive officer (CEO) Simeon Ononobi.

Drew said he had been “exceptionally impressed” with the entire executive team at ThankuCash.  

“They have had great insight into the marketplace and their speed of iteration on the product is like none I have seen before. I look forward to seeing their product grow well beyond the current geography and move towards a global brand,” he said.

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