Zipzero, a UK consumer app designed to address the cost of living crisis, has successfully raised £1 million in seed funding by incentivizing users to share their receipt data.
The app enables users to earn cash rewards for submitting receipts from their daily purchases, which can then be applied to household utility bills. The funding was secured from a diverse array of angel investors, including Craig Dewar from Global Processing Services.
Currently boasting over 100,000 users in the UK, Zipzero plans to use the new capital to form partnerships with various retailers and brands. The app has already established agreements with notable high street names such as Asda, Boots, and Sainsbury’s, as well as online platforms like eBay.
In January 2023 alone, more than 30,000 new users registered for the app, as individuals sought solutions to manage soaring energy bills and rising inflation rates. Mohsin Rashid, CEO of Zipzero, stated, “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 monetize their own shopping data, creating a fairer retail ecosystem.”
Zipzero joins a growing number of fintech companies exploring the concept of data monetization for consumers. Recently, Irish fintech Unbanx launched an open banking tool that allows users to share their transactional data with popular brands in exchange for points-based rewards.
To learn more about payments innovation, register for NextGen Nordics taking place on 25 April 2023.