A new cashback app backed by a $1.2 million investment from the Mitgo Group, has launched in the Middle East and North Africa (MENA) region as the popularity of cashback services continues to grow.
CheckRewards, a cashback service powered by machine learning, is aiming to improve the smart shopping experience by connecting consumers with brands, both online and offline.
For users, the platform has been designed to assist with overall budget management by providing access to promotions, cashback rewards for everyday purchases and receipt scans, as well as expenditure tracking to help users keep on top of finances.
Additionally, brands can engage with customers through a cashback tool, enabling promotions to be launched more quickly by removing the need for complex technical integration. This means brands can target specific audience segments based on user preferences, driving an increase in average purchase value, sales volume and customer loyalty.
New partnerships
CheckRewards is aiming to tap into a growing market with retail sales in the UAE forecasted to rise substantially to $114 billion USD by 2026. In a statement, it said it plans to partner with 50 major FMCG, retail and food brands in its first year, including industry giants such as Noon, Amazon, Sharaf DG, Samsung, Dyson, Starbucks and H&M. It also said it will be exploring partnerships with local banks to offer users a more seamless money withdrawal experience.
The decision to venture into the MENA market follows the launch of the MVP rewards programme in the UAE while CheckRewards has already launched similar projects in Eastern Europe. The company added that future expansion plans include finding investment partners to enter Saudi Arabia and other key MENA countries.
Alexander Bachmann, CEO of Mitgo Group said: “We recognise the immense potential within CheckRewards and firmly believe in their vision for the MENA market. Artem is an exceptional founder and, when he approached us for investment in the seed round, we didn’t hesitate. This strategic collaboration is well-positioned to reshape the cashback landscape in the region, offering unparalleled opportunities for both consumers and businesses.”
Artem Ostapenko, CEO of CheckRewards added: “We are eager to transform the cashback experience for users and foster business growth in this dynamic region. Our plans include securing the next round of investments for expansion into new markets, with a focus on the KSA.”
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