CASHREWARDS is Australia’s largest cashback platform, and we’re excited to announce that we’ve successfully secured $5.25 million capital from Silicon Valley-based Partners for Growth (PFG) through a tailored debt funding facility.
CASHREWARDS is the Aussie-grown leader in the emerging Australian “online cash back” space, and the vote of confidence from PFG signals further dramatic growth and market penetration, making us widely recognised as the company to watch in the local market. CASHREWARDS has a member base of 400,000 that continues to grow daily, and the company has given back a total of $40million to its members.
PFG provides specialised lending and custom debt solutions to private and public technology and life science companies and provides funding for late-stage startups above $5 million in revenue. It has a strong track record in Australia, including the provision of flexible growth funding facilities for 38 of Australia’s fastest growing companies including Prospa, Koala Sleep and GlamCorner.
Karthi Sepulohniam, Director, from PFG said, “Our focus is on supporting companies that have rapid growth opportunities and need the flexibility we can offer to innovate and continue achieving their vision. CASHREWARDS fits the bill. They have achieved multiple successes with no outside funding to date, which is impressive, and we believe there is significant growth to come.” He went on to say, “We particularly appreciate their demonstrated ability to innovate and execute swiftly, maximising growth and revenue with efficiency and agility. We’re looking forward to seeing a further boost in CASHREWARDS’ growth and market position as the opportunities in this relatively new local market expand.”
PFG’s commitment to CASHREWARDS showcases our rapid transition from a start-up in 2014 to growth phase in 2018 and beyond.
CASHREWARDS’ founder and CEO, Andrew Clarke, said the funding would provide the opportunity for a range of growth and innovation measures that will continue to set us apart from competitors, and even more firmly establish the company’s leadership position in the market.
“This injection will enable us to supercharge our growth plans even further. We’ve shot up from nothing to a 50-plus employer with $12 million plus turnover in just a few years thanks to our ability to apply the best technology, our knowledge the Australian consumer and our understanding of the unique local retailer landscape,” he said.
“Our particular skill has been in bringing the three factors together for the benefit of all, fuelling growth not just in size and revenue, but in the possibilities for all concerned. With this funding, PFG has also recognised those possibilities. We’re looking forward to getting on with it and securing more great results all round.”
It’s upwards and beyond for us at CASHREWARDS and consumers will reap the benefits this growth spurt has created.