Pan-African financial services group Vunani Capital has completed a seed capital investment in SnapnSave through Vunani Fintech Fund. The investment comes ahead of SnapnSave’s planned series A funding.
Vunani Capital’s investment will be used to boost SnapnSave’s leading position in cash back shopping app in South Africa.
There are 25 staff working at SnapnSave since November last year. Vunani Capital said in a statement that SnapnSave has built its user base to more than 350 000, with a 500 increase in the level of activity since 2015.
Global corporations such as Coke, Pioneer Foods, Unilever, SC Johnson among others are actively working with SnapnSave to interact with online shoppers. In turn, it has increased the startup’s revenue growth to more than 400 percent since the first year of operation.
Vunani’s Executive Director, Mark Anderson, told the media, “Vunani Capital, through the Vunani Fintech Fund, is delighted to acquire an equity interest in SnapnSave. This investment offers Vunani exposure to a new wave of fintech businesses that are using digital platforms to bring benefits to ordinary consumers. SnapnSave is our first fintech investment. We are expecting to enter into more transactions in the fintech space as we diversify our financial services offering.”
SnapnSave is disrupting South Africa’s loyalty and rewards market with a digital offering such as cash back rewards to both shoppers and independent vendors. Shoppers get a cashback on their favourite product by sharing a photo of their till slip. More than 1.5 million till slips have been submitted to the platform — and over R14 million in cash back have been awarded to its users.