Save Now Pay Later (SNBL) has become a major trend in the FinTech space. The idea is to get users of fintech apps to save money later to buy products from partner merchants at a lower price. The Austrian SNBL startup Monkee (website) secured €1.5 million in its third round of financing.
European Super Angels Club (ESAC), Startup Wise Guys, business angel Zaid Al-Aifari and its existing investors participated in this round. There is also a six-figure grant from the Austrian Research Promotion Agency (FFG). The FFG funding will further develop the “data-based matching of savings and spending behaviour of users with retail partners.”
“We believe that this combination of Save Now Buy Later (SNBL) and cashback is the future of loyalty programs, and Monkee thereby creates added value for both its user: ins and retailers compared to other solutions,” Berthold Baurek-Karlic, president of ESAC, said in a release. The startup will soon launch the credit card to collect cashback points when paying in stores in cooperation with Visa and Qenta. Partner companies for the cashback system include REWE, Lidl, Booking.com, Babymarkt and Media Markt.
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