TL;DR:
- Mitgo Group, a German technology company, invested $1.2 million in CheckRewards, a cutting-edge cashback app.
- CheckRewards is powered by machine learning and offers a unique shopping companion experience.
- Mitgo Group’s investment reflects its commitment to fostering innovative tech businesses and provides networking opportunities.
- CheckRewards benefits users with promotions, cashback rewards, and expense tracking.
- For brands, it offers a streamlined platform for targeted promotions with major partnerships in the pipeline.
- CheckRewards plans to expand into new markets, starting with the UAE and Saudi Arabia.
Main AI News:
Mitgo Group, a prominent global technology company headquartered in Germany, is making strategic moves in the world of innovation by investing $1.2 million into the groundbreaking cashback app CheckRewards. This infusion of capital is set to revolutionize the cashback landscape, offering unparalleled benefits to both users and businesses.
CheckRewards is not your run-of-the-mill cashback app; it’s a sophisticated shopping companion empowered by cutting-edge machine learning. Beyond the financial injection, Mitgo Group brings extensive networking opportunities and regional expertise to the table, underscoring its commitment to nurturing innovative tech ventures.
Alexander Bachmann, CEO of Mitgo Group, articulated the company’s enthusiasm for CheckRewards, stating, “We recognize the immense potential within CheckRewards and firmly believe in their vision. Artem is an exceptional founder, and when he approached us for investment in the seed round, we didn’t hesitate. 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 transcends the traditional cashback app paradigm by doubling as a savvy budget management tool. It not only grants users access to enticing promotions and cashback rewards for everyday purchases but also streamlines expense tracking, facilitating better financial control.
For brands, CheckRewards presents an exciting opportunity to engage with their customer base through an innovative cashback platform. This enables the swift deployment of precisely targeted promotions, all without the complexities of intricate technical integration. The company’s ambitious goal is to partner with 50 major FMCG, retail, and food brands, including industry titans like Noon, Amazon, Samsung, Dyson, Starbucks, and H&M.
Artem Ostapenko, CEO of CheckRewards, emphasized the platform’s advertising potential, saying, “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 made waves with the launch of Android and iOS apps featuring cutting-edge receipt recognition technology in the UAE. Future expansion endeavors include forging partnerships for entry into Saudi Arabia and other key MENA countries.
For Mitgo Group, this investment signifies not only a vote of confidence in CheckRewards but also an opportunity to help the platform reach its full potential. It aligns seamlessly with Mitgo’s overarching global plan to invest $100 million USD into innovative projects by 2025, a strategy that has recently seen substantial investments in productivity app Manganum and meditation app Practico.
Conclusion:
Mitgo Group’s substantial investment in CheckRewards signifies a significant step in advancing innovation within the cashback app market. The infusion of capital, along with Mitgo Group’s expertise and networking, positions CheckRewards to redefine the user experience and create advertising opportunities for brands. This investment underscores the growing potential and interest in tech-driven cashback solutions, reflecting a broader trend of innovation in the market.
