InVance Capital has assisted ZipZero, a fast-growing FinTech business in securing £1m of funding from their private investor network. ZipZero are a consumer app that allows users to receive cash rewards by sharing receipts from their everyday purchases, which are then used to pay household utility bills.
ZipZero are on mission is to “improve the financial well-being of everyday consumers” by enabling the “transparent exchange and monetisation” of individual shopping data.
The FinTech company, 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.
“Our funding success and recent growth underline how critical Zipzero’s proposition is as consumers struggle through the cost-of-living crisis,” Zipzero chief executive Mohsin Rashid said.
“We are delighted to have assisted ZipZero in securing the funds they require to propel their innovative business which has a positive impact on consumers, especially in such uncertain times,” said Jonathan Wicks, Strategy Director of InVance Capital.