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Cashback app CheckRewards on Wednesday announced a $1.2 million investment from Germany-headquartered IT company Mitgo Group. Along with financial backing, Mitgo Group will provide networking opportunities and regional expertise. The investment is part of Mitgo’s existing global plan to invest $100 million into innovative projects by 2025 as a venture builder for startups.
The rising popularity of e-commerce and the increasing consumer preferences for these platforms for shopping are major trends in the cashback apps market
Speaking on the fundraise, Artem Ostapenko, CEO, CheckRewards said, “CheckRewards presents remarkable advertising
CheckRewards, as a shopping companion, assists users with overall budget management, providing access to promotions, cashback rewards for everyday purchases and receipt scans. For brands, CheckRewards said it represents an opportunity to engage with customers through an innovative cashback tool, allowing for the quick launch of precisely targeted promotions.
The startup aims to partner with 50 major FMCG, retail and food brands, including industry
Alexander Bachmann, CEO of Mitgo Group, said, “We recognise the immense potential within CheckRewards and firmly believe in their vision. Artem is an exceptional founder and, when he approached us for investment in the seed round, we didn’t hesitate.”
The company had earlier made investments of $500,000 into productivity app Manganum and meditation app Practico. Mitgo offers solutions and services such as Admitad partner network, native advertising platform TakeAds, coupon and voucher advertising solutions FairSavings, influencer marketing platform ConvertSocial, affiliate and referral tracking software Tapfiliate, and more.
The loyalty market in India is expected to grow by 14.2 per cent annually to $4795.6 million in 2023 and will expand to $8101.3 million by 2027, according to the data from market research firm Research and Markets.
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