Founded in Egypt to bridge a clear market gap, the platform has become the region’s leading cashback and rewards network, turning everyday spending into meaningful savings. WaffarX is at the forefront of this shift, empowering millions of users while helping hundreds of partner brands achieve measurable, data-driven performance outcomes.
At the helm of this innovation is Ezz Fayek, CEO and Co-founder of WaffarX, who has led the company’s impressive journey from concept to scale; now reaching over 3 million consumers, 800+ partners, and tens of millions of pounds in cashback distributed. In this interview, Fayek discusses the origins of WaffarX, the company’s distinctive performance-based model, and how technology, innovation, and financial inclusion are shaping the next chapter of consumer fintech in the region.
What problem were you solving when WaffarX was first conceptualized?
According to Credence market research for 2025, The Global Cashback Apps Market is projected to grow from USD 10,223 million in 2024 to an estimated USD 22,759.34 million by 2032, reflecting a compound annual growth rate (CAGR) of 9.3% from 2025 to 2032.
Although those numbers show strong global demand, but the Middle East & Africa region accounts for only 4% of the Cashback Apps Market showing a huge gap to be fulfilled.
WaffarX was founded in Egypt to address this gap in how value is shared in the digital economy. Consumers generate immense value through their data and purchasing power, yet this value is largely captured by platforms like Facebook and Google.
WaffarX set out to shift that dynamic, giving users real money back while helping brands achieve measurable performance outcomes. Since inception in 2020, WaffarX has maintained consistent growth and adoption, reaching 3 million consumers and 800+ partners and approx. 100,000 number of monthly transactions.
Can you explain how the WaffarX cashback system add value for both consumers and partner brands?
For consumers, Economic pressures encourage users to seek cashback on all possible services and products. WaffarX service is simple, it’s real money back on everyday purchases. Since our launch, we have paid over 75 million EGP in cashback to our members.
For partner brands, WaffarX operates on a pure performance marketing model. We provide item-level tracking, giving partners complete transparency into ROI. By gaining such insights, brands can make strengthen their position in an increasingly competitive global market. On average, brands using WaffarX report a significantly high return on ad spend, compared to other channels.
What makes your platform different from traditional loyalty programs or systems?
Traditional loyalty programs are outdated, with scattered points, delayed gratification, and limited usability. WaffarX is fundamentally different, with instant, flexible, automatic, and transparent. Users can shop across any brand or category, use existing offers, and still receive cashback layered on top. There are no hidden terms, delayed unlocks, or hoops to jump through. This immediacy drives trust and repeat engagement. In a market where cashback is now an expectation, we’re meeting that expectation head-on.
What industries or product categories are currently performing best on your platform?
Top-performing categories include electronics, fashion, beauty, and groceries. Recently, we’ve seen accelerated growth in essential verticals like fuel, education (e.g., school fees), and everyday essentials. These are areas where savings directly impact household budgets. Building strong cashback models around these necessities is a key pillar of our growth strategy.
Are there any plans to incorporate AI or machine learning in future platform upgrades?
AI is integral to our roadmap. Today, we leverage AI in several core areas, including advanced receipt OCR. These technologies ensure seamless cashback validation and protect platform integrity.
Looking ahead, we are actively developing AI-powered tools to guide smarter shopping decisions. These include real-time price comparisons, offer matching engines, and predictive models to help users optimize timing and value. Our long-term vision is a personal AI agent that not only recommends when and where to shop but can also automatically complete purchases. We're already developing elements of this technology at the moment, with promising results.
How do you ensure security and privacy for user data?
Data privacy have always been one of our top priorities. We treat user data with the highest standards of security. All data is encrypted, never sold, and used solely to improve the user experience. Our value proposition is rooted in empowering users to benefit from their own data, rather than allowing large tech platforms to exploit it without real added value for the users.
What success stories or case studies can you share from your brand partners?
We’ve seen remarkable success stories. Some partners have achieved up to 3% higher ROI compared to other channels. WaffarX users consistently outperform average customers, generating between 2 to 5 % more revenue per user. Our cashback model fosters deeper loyalty, driven by tangible value and unmatched performance.
How do you measure customer retention and satisfaction?
We monitor repeat purchase behavior, feature adoption, and referral activity. Referrals are a particularly strong signal, as users only share what they genuinely value. Our referral program currently accounts for 6% of user growth. Furthermore, we’ve achieved over 100% revenue retention year-over-year, showing that our user base is not just stable, it’s expanding and becoming more engaged over time.
Do you have any expansion plans or WaffarX in the MENA region?
Yes, regional expansion is a core part of our growth strategy. We have witnessed a notable interest in cashback in KSA and UAE. And that drove us to expand to Saudi Arabia, and we are in the process of establishing a physical presence in the UAE by Q4 2025.
Every market we plan to enter will be approached with a local strategy; leveraging region-specific merchant partnerships, customized cashback offers, and integrated payment solutions to ensure maximum engagement.
What role have investors like Lobby Capital and A15 played in your growth?
A15 was our first institutional backer, believing in our mission early and supporting us with strategic guidance and operational depth. Karim Beshara, Managing Partner at A15, has been more than a VC, he's been hands-on like a co-founder, actively contributing to strategic execution and network expansion. Lobby Capital brought international validation. They supported in placing WaffarX on the radar of top global fintech VCs and cemented our place in the evolution of performance marketing in the region.
How has the consumer mindset around cashback and loyalty changed in recent years?
Consumer perception around cashback has evolved dramatically. When we started, it was often misunderstood or dismissed. Today, it’s a mainstream expectation, but skepticism still lingers due to misleading models.
WaffarX takes a fundamentally different approach. Cashback means real cash, now. It doesn’t expire, isn’t tied to limited merchant lists, and has no fine print. Users get paid directly and transparently, every time.
This clarity has fueled strong user adoption. In Q1 2025 alone, WaffarX processed over 150,000 transactions, saw a 32% increase in registered users, and reached EGP 327 million in GMV, all of which are clear indicators of growing trust and operational scalability.
What do you think is the biggest misconception about cashback platforms?
That it’s hard to get or worse, that it’s too good to be true. And that skepticism is fair.
Too many platforms have watered down the idea to the point where people stop believing that "cashback" actually means cash.
WaffarX is designed to rebuild that trust. With us, cashback is actual money. It doesn’t expire. It’s not tied to specific merchants or locked behind fine print. It goes straight to the consumer wallet, and they can use it however they want.
What’s next for WaffarX in the next 2–3 years?
We’re expanding cashback to cover more essential services, from insurance and education to transport and subscriptions. This diversification is grounded in clear consumer behavior with high engagement in verticals like fuel, school fees, and everyday essentials. These insights directly shape our roadmap.
At the same time, we’re investing in automation and embedded experience, removing friction from the cashback process even more. Our goal is to reduce required user actions while increasing average savings per user.
Ultimately, our mission is to make saving seamlessly embedded across all spending touchpoints, so users earn without needing to think about it.
How do you see WaffarX shaping the future of fintech and consumer savings in the region?
WaffarX is leading a shift in consumer fintech by building one of the region’s most advanced merchant-funded offer networks, with over 79 brand partners and a user base that has grown by 38 % in the last 12 months alone.
By linking cashback offers directly to users’ payment cards, we enable real-time, frictionless rewards without the need for vouchers, codes, or extra steps. On average, active users save up to 2.3 % monthly on essential purchases; ranging from groceries to fuel and education fees, delivering meaningful financial relief.
We believe the future of fintech lies not in issuing more cards, but in making existing payment methods smarter and more rewarding. Just as InstaPay reshaped the ecosystem, WaffarX is redefining the value of everyday spending, driving both consumer empowerment and financial inclusion at scale.
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