OTTAWA, CANADA & KAMPALA, UGANDA April 16, 2020 - Bitback, the Canadian cashback rewards app that puts money back into the pockets of young people across Africa and around the globe, announced today it is one of ten companies - and the only Canadian entity - accepted into the competitive Techstars Berlin Accelerator’s Class of 2020. The announcement coincides with Bitback’s closed beta launch to a waitlist of 2900+ in Uganda.
Techstars is the global platform for investment and innovation. The network that Techstars fosters helps entrepreneurs succeed with strong mentorship and programming for early-stage startups. With an acceptance rate of less than 1%, Bitback receives pre-seed funding of USD $120,000, access to the global Techstars network, and multiple exclusive resources to help the company grow. The 12-week program, which commenced in January, culminates in a virtual Demo Day on April 28 giving the cohort the opportunity to pitch to selected venture capitalists and angel investors.
Bitback is also announcing the closed beta launch of its Android app exclusively to its established waitlist of 2900+ users in Uganda and is starting with cashback on prepaid airtime top-ups. This will be followed shortly with an open release to the Ugandan market. Uganda became Bitback’s initial market after the company’s on-the-ground research for a different product revealed the strong entrepreneurial spirit and desire of young people there to have new sources of income.
“We have come a long way from our original idea of a USSD-enabled crypto wallet only 12 months ago,” says Co-Founder and CEO, Brianna MacNeil. “Our acceptance into the competitive Techstars Berlin Accelerator Program is going to support us in our pivot from crypto to cashback and take us even further.”
Bitback’s initial product, a digital wallet called Dial Crypto, won a prize at the ETHCapeTown hackathon in April 2019. Since then, the company participated in and graduated from Y Combinator's Online Startup School and won the IDEO CoLab and Coinlist hackathon which included USD $10,000 and an invitation to become residents at the renowned IDEO CoLab in San Francisco.
Users from Uganda and other countries can register for the waitlist at www.bitbackapp.com.
Bitback, a Techstars portfolio company (20') and former IDEO CoLab resident (19'), is a cashback rewards application that aims to put a bit of money back into the pockets of young people across Africa and around the globe. Users earn cash back for each and every purchase they make from their favourite retailers through the Bitback app. Merchants and service providers are able to reach and retain young consumers through special offers and rewards. Bitback’s vision is to create new income streams for young people and to fuel their entrepreneurial spirits. Bitback is created by Dial Crypto Inc., a Canadian Federal Corporation, and Bitback Labs Limited, a Ugandan Corporation.
For more information, please visit www.bitbackapp.com
To schedule an interview or for additional information, please send your inquiry to firstname.lastname@example.org