Esca, a Dublin-based technology company with offices in Lagos, Nigeria has launched escamenu.com, an online food platform designed to enable Nigerian businesses and consumers make money by ordering their favourite meal on the platform.
According to the company, the product is similar to other online platforms like Bolt Foods but with a twist which allows consumers receive up to five percent of the order value back wallet in form of USD and BTC, each time a meal is from a vendor through escamenu.
Shalom Osiadi, chief executive officer of Esca in a statement said, “Many platforms similar to ours help with short-term user acquisition but they struggle with retention. Esca merchants are seeing upwards of 60 percent customer retention rates after implementing our technology. It really reinforces our mission statement and highlights the need for more intuitive passive income generation methods and mainstream digital currency adoption in Nigeria.”
The company stated that the concept which they referred to as ‘spend as you earn’ is an intuitive platform which also allows merchants to receive cashback rewards with the added benefit of up to 12 percent yield annually.
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“Using decentralised finance techniques, the team at Esca is able to help merchants earn interest on the cashback they earn from utilising their platform, forming an alternative “micro-savings account” for their businesses,” Esca stated.
Also, Escal stated that it believes their technology will provide more people with the opportunity to experience the benefits of digital currencies without having to risk their own funds adding that the team is in talks with various banks and fintech brands, such as Parallex Bank to bring their service offline.
A pilot according to the technology company will be starting next week between Parallex and Esca, to provide cashback to businesses and consumers through point-of-sale transactions which means a user could receive cashback on all items bought online or offline. The pilot is designed to enable more Nigerians to generate passive income while fostering mainstream digital currency adoption.
Meanwhile Esca noted that the team is hoping to close its first institutional funding round in Q4 2022 and is poised to raise $1M to help boost brand awareness, product, and business development.
Esca is focus on using decentralized finance to help business owners within low-margin industries (such as the restaurant industry) increase customer retention and profits while providing consumers with a risk-free way to earn passive income through digital currencies
