WaffarX, a cashback marketplace based in Egypt, has raised an undisclosed multi-million US dollar funding round led by Silicon-Valley based Lobby Capital, with the inclusion of their previous investor A15.

Through a secure channel, the startup helps shoppers save money by providing them with cashback rewards, utilising cutting-edge technology to allow consumers to monetise on their own data.

"We’re delighted to have completed this latest funding round. The support of an esteemed Silicon Valley firm such as Lobby Capital, and existing investors A15, are a huge endorsement of WaffarX’s business model and strategy," Ezz Dayek, co-founder and CEO of WaffarX, says. "We have always been pioneers in our industry and our solutions are a win-win for consumers and brands."

Having grown to include over 260 merchant partners and more than 450,000 members, WaffarX plans to use this latest investment to enlarge their user base and expand its presence across borders.