And to that end, the startup, which announced an undisclosed seven-figure seed last year, finally closed the round at $5.3 million. The company plans to use the investment to expand within its home market Nigeria — where it operates in Lagos, Port Harcourt and Abuja — and outside to Ghana and Kenya. The multi-merchant rewards platform (which means customers can hop on from one merchant to another to earn loyalty points in another) allows customers to earn rewards anytime they shop with thousands of merchants listed on its app. Some companies such as banks have launched cashback programs via debit cards to users in the past. However, the company seems to be positioning itself for the imminent proliferation of such services buoyed by similar happenings globally where buy now, pay later services have seen an uptake as a result of pandemic-induced consumer behaviour. The company, which is also in the process of making integrations with payments gateways, said a couple of bank partnerships are in its pipeline. The Lagos-based company also takes commissions for deals and plans to charge a “heavy onboarding fee” for businesses that want to use its APIs for its services, including buy now, pay later. CEO Simeon Ononobi started ThankUCash with Suraj Supekar, Madonna Ononobi and Harshal Gandole, who act as a chief technical officer, chief operating officer and senior vice president of engineering, respectively. Up until this point, ThankUCash said it has recorded over 600,000 users and onboarded over 1,000 stores on its platform.