Waffarha, an Egyptian fintech firm specializing in group-buying deals, has announced securing a substantial seed investment from Value Makers Studio (VMS), marking a significant milestone in its journey. Founded in 2012 by Tarek Magdy, Waffarha has garnered attention for its platform offering daily deals with substantial discounts ranging from 50% to an impressive 90%.
The infusion of funds, undisclosed but confirmed to be a seven-figure sum, is slated to fortify Waffarha’s technological infrastructure, fuel its talent acquisition efforts, and propel its expansion into the lucrative Saudi Arabian market and beyond.
In a press release, Saudi Venture Studio (VMS) celebrated its partnership with Waffarha.com, emphasizing the latter’s reputation as Egypt’s leading group-buying website and mobile application. Waffarha, translating to “Save it” in Arabic, has built a loyal customer base by consistently delivering enticing savings through exclusive daily deals across various sectors including food and beverage, entertainment, health and beauty, and hospitality.
The collaboration with VMS not only paves the way for Waffarha’s entry into the Saudi market but also aims to amplify its marketing endeavors, ensuring heightened visibility and engagement among Saudi consumers. Through targeted promotional campaigns and strategic initiatives, Waffarha.com endeavors to position itself as the preferred destination for discerning shoppers seeking unmatched deals and substantial savings.
Since its inception, Waffarha has evolved into a cornerstone of the online lifestyle landscape in Egypt, boasting a vast network of over 1,000 merchants and 3,000 stores catering to the diverse needs and indulgences of more than 5 million customers. Notably, the platform operates on a subscription-free model, democratizing access to its offerings.
In 2018, Waffarha caught the attention of Fawry for Banking Technology and Electronic Payments, leading to a strategic investment resulting in a 30% stake acquisition. With a vision to diversify its offerings and enhance user experience, Waffarha embarked on expanding its services to include bill payment functionalities, allowing users to settle bills and purchase vouchers seamlessly through a myriad of payment methods including card transactions and mobile wallets.
In a bid to further differentiate its offerings, Waffarha introduced the “Offers Marketplace Aggregation Service,” enabling users to access discounted vouchers and make payments across multiple applications. Additionally, Waffarha caters to the B2B segment by providing intelligent white-label loyalty solutions to prominent partners across various sectors, ensuring enhanced customer retention and satisfaction through tailored reward programs.
As Waffarha sets its sights on broader horizons, the infusion of capital from VMS is poised to accelerate its growth trajectory, cementing its position as a formidable player in the fintech landscape while empowering consumers with unprecedented savings and convenience.