Cashrewards
 | |
| Industry | E-Commerce, Online coupons |
|---|---|
| Founded | 2014 |
| Founders | Andrew Clarke Lorica Clarke |
| Headquarters | Sydney, New South Wales, Australia |
| Services | Cashback |
| Website | https://www.cashrewards.com.au/ |
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 1,200 retailers.
Cashrewards is partnered with over 1,200 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 AUD $1.5 billion in revenue for its partners, and AUD $65 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 AUD $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 AUD $5.25 million external equity funding round from Sydney-based Alium Capital.[9]
Awards and Accolades
| Year | Category | Institution or publication | Result | Notes | Ref. |
|---|---|---|---|---|---|
| 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] |
References
- ^ Bowen, Nigel. "Generating Business Ideas: A Masterclass" (PDF). Content Sherpa. Retrieved July 11, 2019.
- ^ "Pledge 1%". Salesforce.org. Retrieved July 11, 2019.
- ^ "We've Pledged 1%". Pledge 1%. Retrieved July 11, 2019.
- ^ "Cashrewards: Rewarding Happiness for Starlight and SIck Kids". Starlight Children's Foundation. Retrieved July 11, 2019.
- ^ "Cashrewards Teams Up with Visa to Launch New In-Store Cashback Program" (Press release). October 16, 2018. Retrieved July 11, 2019.
- ^ 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.
- ^ Blake, Dean (June 4, 2019). McIlvaine, Heather (ed.). "Cashrewards raises $5.25m, eyes IPO". InternetRetailing.com.au. Octomedia. Retrieved July 11, 2019.
- ^ 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.
- ^ 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.
- ^ Mack, Cheryl. "Over 3100 attendees gathered in Sydney for StartCon and the Australasian Startup Awards 2016". StartCon. Retrieved July 11, 2019.
- ^ Bowen, Nigel. "Technology Fast 50 2017 Winners' Report" (PDF). Deloitte. Retrieved July 11, 2019.
- ^ Mack, Cheryl. "Winners of the 2017 Annual Australasian Startup Awards". StartCon. Retrieved July 11, 2019.
- ^ 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.
- ^ Kent, Melanie (July 5, 2017). "EY Entrepreneur Of The Year™ regional finalists revealed". Ernst & Young. Retrieved July 11, 2019.
- ^ "Smart50 Awards 2017: Cashrewards". SmartCompany. Retrieved July 11, 2019.
- ^ Zuchetti, Adam (November 11, 2017). "Optus My Business Awards 2017 winners revealed". MyBusiness. Momentum Media. Retrieved July 11, 2019.
- ^ "2017 Winners". MyBusiness. Retrieved July 11, 2019.
- ^ "Technology Fast 50 2017 Winners' Report" (PDF). Deloitte. Retrieved July 11, 2019.
- ^ "Meet the 2017 Businesses of Tomorrow". MyBusiness. Retrieved July 11, 2019.
- ^ 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.