CAPE TOWN - SnapnSave is a cashback coupon app that gives shoppers cash back on their desired products, wherever they shop and just by snapping a photo of their till slip.
The company said that in just over 18 months, SnapnSave has already given shoppers over R3.5 million cash back into their bank accounts and is about to reach 200 000 app installs.
htxt Africa reported that Kalon Venture Partners, formerly known as Grotech, and Smollan Group SA both acquired a minority stake in the company valued at R7 million each.
The funding will help grow the app downloads to 500 000 in South Africa within a year and will support entry into Asian and African regional markets: Singapore, Malaysia and Vietnam, as well as Nigeria, Kenya and a North African country.
“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% 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,” said SnapnSave CEO Mark Bradshaw.
“We are excited about the investment and its growth opportunities locally, into Africa and globally. The investment forms part of Kalons’ strategy to position itself as the preeminent venture capital company in Africa, investing in disruptive digital technologies solving African problems. This acquisition strengthens Kalon’s commitment to investing in South African entrepreneurs who are disrupting various industries,” said Clive Butkow, Kalon CEO.