Egypt-Based Fintech Waffarha Raises Seven-Figure Seed Round
With this funding, Waffarha aims to bolster its technological infrastructure, expand its team and broaden its reach into KSA.
Egyptian fintech company Waffarha has secured a significant seed round investment from Value Makers Studio (VMS), amounting to a seven-figure sum. Founded by Tarek Magdy and Noha Hamdy, Waffarha specializes in offering daily deals with substantial discounts ranging from 50% to 90%. With this funding, Waffarha aims to bolster its technological infrastructure, expand its team by hiring new talent, and broaden its reach into the Saudi Arabian market and beyond.
Waffarha's collaboration with VMS marks a strategic move towards extending its operations into Saudi Arabia, facilitated by enhanced marketing endeavors to engage with Saudi consumers effectively. By leveraging targeted campaigns and strategic initiatives, Waffarha seeks to position itself as the preferred platform for discerning shoppers. Initially launching in Egypt in 2012, Waffarha was founded as an online platform offering discounted coupons across various sectors, including food and beverage, entertainment, health and beauty, and hospitality, garnering over 5 million customers without subscription fees.
In addition to its core offerings, Waffarha has diversified its services over the years, including introducing bill payment options and pioneering an ‘Offers Marketplace Aggregation Service’ that enables users to purchase discounted vouchers and make payments across multiple apps. Moreover, Waffarha provides a B2B line offering white-label loyalty solutions to partners in sectors such as banking, transportation, telecommunications, and FMCG.
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