eCommerce startup cheapskate secures £540,000 in seed round

Cheapskate, a UK-based startup set to disrupt the eCommerce world, recently announced a fundraise of £540,000 in seed funding through a number of tech entrepreneurs and retail experts.

With the goal to make each customer ‘Never pay full price again,’ cheapskate is a digital shopping assistant and the first platform to combine both the online and in-store retail worlds.

With one click, the cheapskate browser extension instantly accesses discounts from across the internet to your shopping basket. Its price tracking feature also allows customers to enter their budget for a product and get notified when the price drops.

A large portion of the raise will be devoted to the cheapskate app, launching this spring. It works by using your location and knowledge of your favourite shops to notify you of deals in your area.

The company is the brainchild ex-Argos software development engineer, Zubar Miah. The self-confessed cheapskate was responsible for the creation of the innovation team at Argos as well as the first retail chatbot in the UK.

Whilst being focused on customer empowerment, cheapskate presents an interesting opportunity for retailers too. “A key part of our growth will be building partnerships with retailers to help them reach customers who are looking for deals from them, to promote customer loyalty. One of the best things about our business model is that it understands customer behaviour across multiple retailers, and the in-store shopping world too,” says Zubar.

“eCommerce is moving into a more personalised, automated, real-time world, and cheapskate are leading the way,” said investor and entrepreneurialism expert Charles Vivian.

“The discounts sector, in particular, is ripe for disruption; the cheapskate service empowers customers to make their money go further and is moving into groundbreaking new territory in combining the instore and online deal-finding experiences.”