The 26th edition of the 500 Startups Accelerator Programme saw Nigerian startup ThankUCash as the only African startup selected to receive sustainable mentorship, training, and upward funding.
ThankUCash is a cashback buyer incentive startup founded by Simeon Ononobi (CEO) and Madonna Ononobi (COO). The startup was built around the idea of helping businesses acquire reward and retain customers by giving cashback to customers for purchases made.
The vision of the startup is to create sustainable solutions to help connect 10,000 businesses to 10,000,000 customers by the year 2023. As of now, the startup already has 429,126 customers, 54 million amount rewarded, 7,494 retail locations, etc.
The startup as a Connected Analytics startup enables businesses to scale up as fast as possible by offering them services like Live Analytics (this service enables a business to get live updates and analytics of all activities going on in all locations). Transactional Reports ( this enables businesses to see details of all transactions at all their locations). Pos Integration (this feature enables businesses to integrate their Pos to the payment gateway of the startup). Data Management (this enables businesses to get to know the buying pattern of their customers).
Records on the ground have shown that the Silicon Valley-based 500 Startups Accelerator is one of the most popular and worthy accelerators worldwide. It has trained and funded over 2,000 startups from around the world. The accelerator consists of 4 months seed programme that provides startups with US$150,000 in funding in exchange for 6 percent equity. The startups are expected to undergo networking, training, and mentorship. Some of the notable startups selected for this 26th edition are ThankUCash, Fakespot, Briza, Cenos, Blinx, Acaduim, etc.
ThankUCash is the only African startup selected out of the 29 startups selected for this 26th edition. Notably, other African startups that have been selected in the past consist of Nigerian agritech startups ThriveAgric and EZ Farming, Egyptian startups Shezlong and Harmonica, etc.
ThankUCash in August of 2018 became the fifth startup to join Microtraction’s portfolio after the venture capital firm invested an undisclosed amount into the startup. Also, the startup took part in Google’s Launchpad Accelerator of 2018 where it performed well.