Fintech Zipzero raises £1m in seed funding to monetise shopping data

Zipzero, a UK fintech start-up monetising individuals’ shopping data, has raised over £1m in seed funding.

Users of Zipzero receive cash rewards by sharing receipts from their everyday purchases, which are then used to pay household utility bills.

App users are rewarded for sharing any shopping receipt – physical & digital – with cash rewards which can be used to pay off any recurring monthly household bill. 

The rewards are funded by advertisers – leading retailers, brands & financial institutions – which gain access to consumers’ product-level shopping data in real time.

Existing partners include Asda, Boots, Ebay and Sainsbury’s.

Since launching in November 2021, the fintech has gained 100,000 customers with nearly a third of these signed up in the first month of 2023.

Mohsin Rashid, CEO of Zipzero, says the growth underlines consumers’ struggles with the cost-of-living crisis. 

“With £1m and counting secured, investors have recognised the value Zipzero brings to consumers and retailers alike: our app offers a truly mass-market solution to rising costs and skyrocketing energy bills,” he said.

“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 monetise their own shopping data, creating a fairer retail ecosystem,” he added.

The new cash will be used to accelerate growth and score new partnerships with retailers and brands.

Craig Dewar, founder of Global Processing Services is among a number of angel investors in the funding round.