Consumer app ZIPZERO, which helps users monetise the value of their shopping data, has raised more than £1m in seed funding.
The funding comes from a diverse pool of angel investors, including serial FinTech investor and founder of Global Processing Services Craig Dewar.
ZIPZERO, which already has more than 100,000 users in the UK, will use the funding to grow its platform further, secure 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.
Mohsin Rashid, CEO of ZIPZERO, said: “Our funding success and recent growth underline how critical ZIPZERO’s proposition is as consumers struggle through the cost-of-living crisis.
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“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.”
ZIPZERO enables its users to economically benefit from the value of their data. Via the ZIPZERO app users get rewarded for sharing any shopping receipt – physical and digital – with cash rewards which can be used to pay off any recurring monthly household bill (i.e. utility, phone, Internet, council tax, etc).
Cash rewards are funded by advertisers – leading retailers, brands and financial institutions – which gain access to a unique consumer insights and marketing platform that is based on real-time, product-level shopping data.