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Cost of living startup Zipzero raises £1 million

Cost of living startup Zipzero raises £1 million

Zipzero, a UK consumer app developed to combat the cost of living crisis by rewarding users for sharing their receipt data, has raised £1 million in seed funding.

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

The £1 million raise comes from a diverse pool of angel investors, including Global Processing Services’ Craig Dewar.

The company, which already claims more than 100,000 users in the UK, says it will use the funding to secure new partnerships with retailers and brands, having already struck deals with the high street names such as Asda, Boots and Sainsbury's and online brands like eBay.

More than 30,000 new users signed up to use the app in January 2023, with consumers searching for ways to combat record-high energy bills and double-digit inflation.

Mohsin Rashid, CEO of Zipzero, says: “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."

Zipzero is not the only fintech to play on the idea of consumers monetizing their own data. Last month Irish fintech Unbanx launched an open banking tool that enables consumers to share their transactional data with popular brands in return for points-based rewards.

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