Cashrewards

Cashrewards is an Australian cashback reward program, founded in 2014. It enables users to get a portion of their cash back when making a purchase online or in-store at over 1,400 retailers.

Cashrewards
IndustryE-commerce, online coupons
Founded2014
FoundersAndrew Clarke
Lorica Clarke
HeadquartersSydney, New South Wales, Australia
ServicesCashback
Websitewww.cashrewards.com.au

Cashrewards is partnered with over 1,400 brands, including Amazon, Myer, David Jones, Groupon, Coles, Agoda, Lenovo, Apple, Microsoft and Booking.com. Each participating partner pays a commission to Cashrewards, which is then shared with its members as a cashback offer. In the first five years the company has been operating, Cashrewards has generated A$2 billion in revenue for its partners, and A$100 million as cashback to its members.

In addition to offering cashback, Cashrewards also features a selection of discount coupons and exclusive deal codes.

History

Cashrewards was founded in 2014 by Andrew and Lorica Clarke after their son developed and survived a serious illness. Seeking a way to give back to those who supported them during this time, they set up Cashrewards as a business which aims to benefit consumers while also contributing to charitable organisations.[1]

In 2017, Cashrewards joined the Salesforce charity initiative Pledge 1%, where one percent of the company's equity and one percent of cashback rewards are donated to a selected charity.[2][3] Founders Andrew & Lorica chose the Starlight Children’s Foundation due to the support this organisation provided to their son while he was battling his illness.[4]

In 2018, Cashrewards launched its In-Store Offers platform. Partnering with Visa, the platform allows members with a Visa credit card or debit card to earn cashback at hundreds of stores throughout Australia.[5]

In 2019, Cashrewards founder Andrew Clarke stated that the company seeks to achieve an initial public offering (IPO) by 2020.[6][7] October 2019 also saw Cashrewards expand its In-Store Offers platform by partnering with Mastercard, allowing members using this payment card provider to access cashback benefits from participating retailers.

Funding

In 2018, Cashrewards secured A$3 million in capital from Silicon Valley-based Partners for Growth (PFG) through a tailored debt funding facility.[8]

In 2019, it acquired an additional A$5.25 million external equity funding round from Sydney-based Alium Capital.[9]

Awards and accolades
Year Category Institution or publication ResultNotesRef.
2016 Finalist: Best Fintech Startup StartCon Nominated Australasian Startup Awards 2016 [10]
2016 Deloitte Tech Fast 50 Awards Australia Deloitte Won Deloitte Technology Fast 500 2016 [11]
2017 Finalist: E-commerce Company of the Year StartCon Nominated Australasian Startup Awards 2017 [12]
2017 Finalist: NSW Region Telstra Nominated Telstra Business Awards 2017 [13]
2017 Finalist: Eastern Region Ernst & Young (EY) Nominated Ernst & Young Entrepreneur Of The Year Award 2017 [14]
2017 Smart50 List (4th Place) SmartCompany Won Smart50 Awards 2017 [15]
2017 Finalist: Corporate Social Responsibility Program of the Year Optus & MyBusiness Nominated Optus My Business Awards 2017 [16]
2017 Media, Marketing and Advertising Business of the Year Optus & MyBusiness Won Optus My Business Awards 2017 [17]
2017 Finalist: Deloitte Tech Fast 50 Awards Australia Deloitte Nominated Deloitte Technology Fast 500 2017 [18]
2017 Businesses of Tomorrow Award Westpac Won Westpac Businesses of Tomorrow 2017 [19]
2018 Fast 100 List (6th Place) The Australian Financial Review Won Financial Review Fast 100 2018 [20]
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References
  1. Bowen, Nigel. "Generating Business Ideas: A Masterclass" (PDF). Content Sherpa. Retrieved July 11, 2019.
  2. "Pledge 1%". Salesforce.org. Retrieved July 11, 2019.
  3. "We've Pledged 1%". Pledge 1%. Retrieved July 11, 2019.
  4. "Cashrewards: Rewarding Happiness for Starlight and SIck Kids". Starlight Children's Foundation. Retrieved July 11, 2019.
  5. "Cashrewards Teams Up with Visa to Launch New In-Store Cashback Program" (Press release). October 16, 2018. Retrieved July 11, 2019.
  6. Smith, Paul (June 3, 2019). Stutchbury, Michael (ed.). "Online retailer Cashrewards banks Silicon Valley backing as market picks up pace". The Australian Financial Review. Nine Publishing. Retrieved July 11, 2019.
  7. Blake, Dean (June 4, 2019). McIlvaine, Heather (ed.). "Cashrewards raises $5.25m, eyes IPO". InternetRetailing.com.au. Octomedia. Retrieved July 11, 2019.
  8. Smith, Paul (April 23, 2018). Stutchbury, Michael (ed.). "Online retailer Cashrewards banks Silicon Valley backing as market picks up pace". The Australian Financial Review. Nine Publishing. Retrieved July 11, 2019.
  9. Palmer-Derrien, Stephanie (June 4, 2019). Keating, Eloise (ed.). "Sydney startup Cashrewards raises $5.2 million as it gears up for 2020 IPO". SmartCompany. Retrieved July 11, 2019.
  10. Mack, Cheryl. "Over 3100 attendees gathered in Sydney for StartCon and the Australasian Startup Awards 2016". StartCon. Retrieved July 11, 2019.
  11. Bowen, Nigel. "Technology Fast 50 2017 Winners' Report" (PDF). Deloitte. Retrieved July 11, 2019.
  12. Mack, Cheryl. "Winners of the 2017 Annual Australasian Startup Awards". StartCon. Retrieved July 11, 2019.
  13. Beeck, Jessica (April 29, 2018). "Online Retail Space is Heating Up: Aussie Cash Back Site Cashrewards Heralds New Era" (Press release). Business Wire. Bastion Effect. Retrieved 2019-07-11.
  14. Kent, Melanie (July 5, 2017). "EY Entrepreneur Of The Year™ regional finalists revealed". Ernst & Young. Retrieved July 11, 2019.
  15. "Smart50 Awards 2017: Cashrewards". SmartCompany. Retrieved July 11, 2019.
  16. Zuchetti, Adam (November 11, 2017). "Optus My Business Awards 2017 winners revealed". MyBusiness. Momentum Media. Retrieved July 11, 2019.
  17. "2017 Winners". MyBusiness. Retrieved July 11, 2019.
  18. "Technology Fast 50 2017 Winners' Report" (PDF). Deloitte. Retrieved July 11, 2019.
  19. "Meet the 2017 Businesses of Tomorrow". MyBusiness. Retrieved July 11, 2019.
  20. Bailey, Michael (October 31, 2018). Stutchbury, Michael (ed.). "Fast 100: Next Business Energy tops future-facing list". The Australian Financial Review. Nine Publishing. Retrieved July 11, 2019.
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