Hampstead students to launch cashback app
- Credit: Fygo
Two Hampstead brothers are set to launch a cashback app for students this April.
In April Jonah and Toby Lowenstein, along with Ben Champion, will launch Fygo, which students can connect with their bank card through a secure interface.
The customer will automatically receive cashback on goods and services bought from businesses which have signed up.
It aims to connect students with local businesses.
Jonah, 20, said: “When students know they’re getting the best value when they spend, they are more confident to make purchases.
"Fygo’s automatic rewards also provide a lasting sense of gratification which boosts loyalty.”
The founders secured £400,000 in funding from Charles Wigoder, of FTSE 250 company Telecom Plus, after a Dragon’s Den-style pitch.
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Toby said: “It was a great meeting, we had initially approached him for advice on how to incorporate some of his business methods into our service, but he was so impressed with our idea that he offered us a large scale investment.”
The app will be launched initially in Durham, where Toby and Ben, both now 23, have previously been students.
Visit www.fygo.co to find out more.