Egypt-based Fintech Waffarha has raised a seven-figure Seed round by Value Makers Studio (VMS). Founded in 2012 by Tarek Magdy, Waffarha’s platform offers daily deals with big discounts starting from 50% up to 90%. New funds will be deployed to double down Waffarha’s technology stack, hire new talent, and expand its footprint into Saudi Arabia and beyond.
Saudi Venture Studio (VMS) proudly announces its investment with Waffarha.com, Egypt’s premier group-buying website and mobile app. Waffarha, derived from a locally cherished term meaning “Save it,” is renowned for its commitment to delivering exceptional savings to online customers through exclusive daily deals featuring discounts ranging from 50% to an astonishing 90%.
In addition to facilitating Waffarha.com’s expansion into Saudi Arabia, the partnership with VMS will enable the platform to enhance its marketing efforts, ensuring widespread awareness and engagement among Saudi consumers. Through targeted campaigns and strategic initiatives, Waffarha.com aims to establish itself as the go-to destination for savvy shoppers seeking unbeatable deals and unparalleled savings.
Waffarha was founded by Tarek Magdy & Noha Hamdy in the A.R.E. Launched in October 2012 as the premier online lifestyle platform that offers discounted coupons to customers in various fields, including F&B, entertainment, health & beauty, hotels & resorts, and more. The platform boasts a vast network of over 1,000 merchants and over 3,000 stores that cater to all the necessities and luxuries of life for more than 5 million customers without any subscription fees. Over the last 12 years, Waffarha has emerged as a top-tier lifestyle website and mobile app.
In 2018, Fawry for Banking Technology and Electronic Payments expressed interest in the Waffarha business and acquired a 30% share of the company.
Waffarha aimed to expand the business horizons by adding new services like bill payment, which enables users to pay all of their bills and purchase vouchers online, all on one platform. using +10 payment methods, including card acceptance, installation (banking & non-banking), and mobile wallets (banking & operators).
Moreover, Waffarha started a unique business case called “Offers Marketplace Aggregation Service,” enabling other customers to purchase discounted vouchers and pay for them across many apps.
Furthermore, Waffarha provides a B2B line that offers intelligent white-label loyalty solutions to significant partners and vendors in various sectors, such as banks, transportation, telecom, FMCG, and more. This service ensures customer retention and satisfaction through long-term point accumulation & redemption, as well as instant reward campaigns.
Source: wamda.com
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