CASHREWARDS completes $AU5.2 million Series-A funding to drive ambitious growth plans

Sydney, Australia: Tuesday 4^th June: CASHREWARDS, Australia’s largest cashback website, has raised $AU5.25 million in Series-A funding to consolidate its position as the cashback market leader in Australia.

Alium Capital Management, which focuses on emerging technologies and innovative funding, is the leading investor with CASHREWARDS using the capital to boost its marketing efforts, further improve its proprietary technology platform and mobile app features.

According to CASHREWARDS founder and executive chairman Andrew Clarke, this will be the first in a planned series of equity funding as the company plans for a 2020 ASX IPO. He commented, “The online and offline cashback sector in Australia has significant growth ahead of it and CASHREWARDS is committed to growing both our market share and the sector itself. This investment marks the first step in our journey to an IPO and will enable us to ramp up our marketing activities and continue to invest in our core technology platform.”

Founded in May 2014, CASHREWARDS has delivered over $AU65 million in cashback savings to its 525,000 members and powered $AU1.5 billion in sales for its retail partners. On average it generates over $60 million in online retail transactions per month which equates to approximately 2.5 percent of all online retail transactions in Australia[i].

Rajeev Gupta, partner at Alium Capital Management commented, “CASHREWARDS is incredibly well-placed to extend its leadership position in the growing cashback sector. It has become Australia’s largest cashback website without external funding, almost zero market spend and a small team of 40. Everyday commerce brands are now regular merchants on the platform. Alium Capital Management’s investment is expected to turbo-charge CASHREWARD’s growth trajectory and we look forward to seeing what the team achieves next.”

The company has a simple and transparent business model. Retailers pay CASHREWARDS a commission to drive traffic to their website and CASHREWARDS passes on a percentage of this commission to its members who join up for free. The company also offers cashback in physical stores via a partnership with VISA, with further credit-card partnerships to follow.

The new funding will help raise its profile with potential retail partners and ensure more Australian’s are aware of the everyday cash savings they can achieve with CASHREWARDS. Founder and executive chairman Andrew Clarke added, “We currently have 1,200 retail partners but with more than 200,000 retailers in Australia there is a tremendous opportunity to expand our partnership network. We’re looking to increase the dollar amount of real cashback savings that all Australian’s can make on their everyday shopping and provide millennials with a smart alternative to their growing reliance on delayed and debt financing solutions.”

Since its 2014 launch, the company’s success has been recognised by over 25 national business awards and accolades including:  #6 in AFR’s Fast 100 Companies 2018; NORA Best Loyalty Program winner 2018; winner of Optus My Business Media, Marketing and Advertising Business of the Year 2017 and winner of the 2016 Deloitte Tech Fast 50.

The company is a proud partner of Pledge 1%, a corporate philanthropy movement pioneered by Salesforce and Atlassian to change the world through inspiring early-stage corporate philanthropy. CASHREWARDS gives one percent of all cashback rewards, one percent of its equity and one percent of its time to The Starlight Children’s Foundation. To date, it has helped more than 4,000 children via Pledge 1%.

For more information please visit www.CASHREWARDS.com.au

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About CASHREWARDS

With over 525,000 members, Australian owned and based CASHREWARDS is the nation’s largest, most trusted cashback shopping community.  

CASHREWARDS is free to join and its members receive a percentage of every dollar back when shopping as normal at over 1,200 stores such as Amazon, Apple, Booking.com, Dan Murphy’s, David Jones, Myer, Woolworths and many more.  The stores pay CASHREWARDS a commission for sending its members to them and CASHREWARDS shares the commission with those members.

Since inception, CASHREWARDS has generated in excess of $1.5 billion in sales for its merchant partners, given back over $65million to their members and has helped over 4,000 children through its partnership with the Starlight Children’s Foundation.