ZIPZERO, a consumer app that enables users to get cash rewards by sharing receipts from their purchases, has bagged over £1m in seed funding.
According to Financial IT, following the sharing of the receipts from purchases, these can then be used to pay household utility bills.
The company claims its mission is to improve the financial well-being of everyday consumers by enabling the transparent exchange and monetisation of individual shopping data.
The company raised over £1m from a range of angel investors including the founder of Global Processing Services Craig Dewar.
ZIPZERO already has more than 100,000 users in the UK and will use the funding to grow its platform further, as well as securing new partnerships with retailers and brands, and give consumers even greater value and autonomy over their personal shopping data.
More than 30,000 new users signed up to use the app in January 2023 alone, with consumers searching for ways to combat record-high energy bills and double-digit inflation. Many large retailers, including Asda, Boots, Ebay and Sainsbury’s, have partnered with ZIPZERO to support their customers, allowing them to earn cash towards the payment of their household bills each time they shop.
ZIPZERO CEO Mohsin Rashid said, “Our funding success and recent growth underline how critical ZIPZERO’s proposition is as consumers struggle through the cost-of-living crisis. With £1m and counting secured, investors have recognised the value ZIPZERO brings to consumers and retailers alike: our app offers a truly mass-market solution to rising costs and skyrocketing energy bills.
“Ultimately, our mission is to empower consumers. By delivering cash rewards every time they make a purchase with their favourite brands and retailers, we are allowing them to monetise their own shopping data, creating a fairer retail ecosystem.
“As a team, we recognise that our users rely on ZIPZERO to improve their financial well-being at this difficult time. With funding secured, 2023 will undoubtedly be an important and exciting year for us. We’re looking forward to accelerating our growth; entering new partnerships with retailers and brands; delivering a fairer, transparent exchange of consumer data; and helping more consumers gain cash rewards from their every shopping.”
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