Mitgo Group Injects $1.2 Million into Revolutionary Cashback App, CheckRewards
- ByStartupStory | December 1, 2023
CheckRewards, an innovative cashback service driven by cutting-edge machine learning technology, has secured a substantial $1.2 million investment from Mitgo Group, poised to reshape the cashback landscape for both users and businesses. The cashback and coupons marketplace in India, valued at over Rs. 500 crores, is witnessing a surge, fueled by the growing popularity of e-commerce and consumer preferences for online platforms.
The investment from Mitgo Group not only brings financial support but also encompasses extensive networking opportunities and regional expertise. Alexander Bachmann, CEO of Mitgo Group, expressed confidence in CheckRewards, stating, “We recognize the immense potential within CheckRewards and firmly believe in their vision. At Mitgo Group, we are committed to supporting the CheckRewards team as they progress in their project and seek further investment to expand into new markets.”
CheckRewards stands out as more than just a conventional cashback app; it functions as a smart shopping companion aiding in overall budget management. The app provides users with access to enticing promotions, cashback rewards for everyday purchases and receipt scans, along with robust expenditure tracking to facilitate effective financial management.
For brands, CheckRewards represents a unique opportunity to engage with customers through an innovative cashback tool, enabling the swift launch of precisely targeted promotions without complex technical integration. The company aims to establish partnerships with 50 major FMCG, retail, and food brands, including industry giants like Noon, Amazon, Samsung, Dyson, Starbucks, and H&M.
Artem Ostapenko, CEO of CheckRewards, highlighted the advertising opportunities the platform offers, stating, “CheckRewards presents remarkable advertising opportunities, including geo-targeting and customer preference-based targeting. We are eager to transform the cashback experience for users and foster business growth. Our plans include securing the next round of investments for expansion into new markets.”
CheckRewards has already introduced Android and iOS apps in the UAE, incorporating cutting-edge receipt recognition technology. The company is now gearing up to secure investment partners and launch in the Indian market in the coming years. For Mitgo, this investment aligns with its global plan to invest $100 million USD in innovative projects by 2025, including recent investments in productivity app Manganum and meditation app Practico.
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