The inspiring journey of Waffarha's founders
From discounts to lifestyle: The inspiring journey of Waffarha's founders
In 2012, Tarek Magdy and Noha Hamdy faced a dilemma familiar to many young couples: how to enjoy life without overspending. The Egyptian pair, then engaged, frequently found themselves stretching their budget on outings and dining experiences, as well as day-to-day essential services. This challenge led them to explore various discount websites, booklets, and cards available at the time. However, none of these options fully met their needs. “We felt we could do better,” Tarek recalls. This realization marked the inception of Waffarha, a startup that would transform Egypt's discount and voucher landscape and soon, become an all-inclusive lifestyle app.
Waffarha, which means “Save It,” was born out of a simple yet profound need: to provide accessible, reliable discounts and deals that genuinely benefit consumers. “Back then, online payments, credit cards, and reliable payment gateways were almost non-existent,” Tarek explains. Despite these hurdles, the founders were determined to build a platform that centralizes discounts, simplifies payments, and offers diverse voucher options. This approach not only streamlined the savings process for consumers but also provided businesses with tailored loyalty solutions.
Today, Waffarha is turning into a full-fledged lifestyle app, offering discount vouchers, bill payments, and transportation ticketing to its user base of over 4 million users.
In its early days, Waffarha faced stiff competition, with about ten other local and international players offering similar services. However, within a year and a half, most competitors had exited the market, leaving Waffarha as one of the few survivors. The collapse of these companies had left a sour taste in the mouths of both consumers and merchants, creating a general distrust of online discount platforms. “People were afraid of buying things online, let alone paying online,” Tarek says. This distrust was compounded by stories of lost money and poor customer experiences, making it challenging for Waffarha to gain traction.
To distinguish themselves, Tarek and Noha focused on building trust and transparency. They ensured that Waffarha's offers were clear, with no hidden terms or conditions, and prioritized customer satisfaction by offering refunds and steering clear of subscription. “We try to be close to our customers and merchants to make sure they are both satisfied,” Tarek emphasizes. This customer-centric approach paid off, helping Waffarha build a loyal user base and a strong reputation in the market.
Waffarha's growth has been nothing short of remarkable. Starting with sales of EGP 500,000 in its first year, the platform now boasts a sales volume of EGP 1.5 billion.With over 6 million downloads, Waffarha has partnered with more than 1,000 merchants across 5,000 stores. The company's success attracted strategic investments, first from Fawry, Egypt's leading e-payments provider, and later from VMS, a Saudi investor. These partnerships have been instrumental in expanding Waffarha's offerings and reach.
Despite the challenges, Waffarha's journey is a testament to the power of perseverance and innovation. “This kind of business requires that you build trust with your customer and be a convenient add-on to their lives,” Tarek reflects. Today, Waffarha continues to revolutionize the market, making saving easier and more accessible for millions of Egyptians.
As Waffarha looks to the future, it remains committed to its founding principles of transparency, customer satisfaction, and innovation. On the top of its priorities lies the addition of more use cases and services to its consumers to solidify its position as Egypt’s leading lifestyle. For Tarek and Noha, what started as a solution to a personal problem has blossomed into a successful business that enhances the lives of its users and supports the growth of its partner merchants.
