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CheckRewards Secures $1.2 Million Mitgo Investment
The cashback service uses machine-learning technology to help consumers access promotions and track their expenses.
CheckRewards, a cashback service that uses cutting-edge machine learning technology, is entering the MENA region after successfully launching Android and iOS apps in the UAE. Backed by a $1.2 million cash injection from the Mitgo Group, CheckRewards is set to redefine the cashback experience for shoppers and businesses in the Middle East and North Africa.
CheckRewards works as a smart shopping companion that assists with budget management. The app provides access to promotions, cashback rewards, and features receipt scanning and expenditure tracking to help users keep up with their finances. The startup plans to onboard 50 major retail and food brands, including Noon, Amazon, Sharaf DG, Samsung, Dyson, Starbucks, and H&M.
For businesses, CheckRewards allows better engagement with customers and the quick launch of promotions without complex technical integrations. Brands can precisely target specific audiences based on their preferences, boosting sales volumes and customer loyalty.
Alexander Bachmann, CEO of Mitgo Group, commented: “We recognize the immense potential within CheckRewards and firmly believe in their vision for the MENA market. This strategic collaboration is well-positioned to reshape the cashback landscape in the region, offering unparalleled opportunities for both consumers and businesses”.
Also Read: Top E-Commerce Websites In The Middle East In 2023
Artem Ostapenko, CEO of CheckRewards, added: “We are thrilled to introduce CheckRewards to the MENA region, where the demand for cashback services is on the rise. CheckRewards stands as a unique solution, presenting 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 in this dynamic region”.
The MENA region presents a tremendous opportunity for the new solution as the popularity of cashback services continues to grow. According to a Statista report, retail sales in the UAE alone were estimated at around US $74 billion and are forecasted to pass US $114 billion by 2026.
News
Altegio Expands To UAE, Driving Digital Transformation For Local Businesses
The company aims to enhance efficiency for local service businesses, aligning with the UAE’s ambitious digital economy plan for 2031.
Altegio, a digital business ecosystem featuring sophisticated online booking and management solutions, has announced its entry into the UAE market, aiming to enhance operational efficiency and accelerate digital adoption for local enterprises.
This expansion also complements the UAE’s Digital Economy Strategy, which aims to increase the digital economy’s share in the nation’s non-oil GDP to over 20% by 2031. Projections indicate the UAE’s digital sector could contribute an estimated $140 billion by 2032, highlighting the region’s commitment to fostering a modern, tech-driven economy.
Altegio’s platform offers over 30 distinct management tools that automate as much as 80% of routine business operations. Its suite of services includes online booking options, a customizable mobile app, robust financial and inventory management, analytics, SMS and email marketing, and a customer loyalty program.
Altegio’s key differentiator lies in its customer-focused approach to business automation. Unlike many platforms that redirect customers to external sites, potentially exposing them to competitor services, Altegio’s booking system is embedded directly within each company’s own ecosystem. This prevents “cannibalization” of clients and enhances customer loyalty by maintaining a consistent, secure experience.
Also Read: Google Launches Largest AI Initiative In The MENA Region
“Our expansion into the UAE is a strategic move that aligns with the country’s ambitious digital transformation agenda,” explained Yri Petrou, Managing Partner at Altegio. “We are excited to support UAE businesses in embracing digital transformation across their operations. By providing a comprehensive suite of business automation tools, we aim to not only accelerate operational efficiency but also redefine how businesses engage with customers”.
Founded in 2022, Altegio operates as a network of independent firms with offices in the UAE, Brazil, Hungary, Cyprus, Armenia, and several other nations. Each regional hub integrates local partners and technologies to enhance Altegio’s core offerings. The company’s impact includes an annual gross merchandise volume (GMV) of $1 billion, a client base of over 10,000 across 89 countries, and more than 4 million bookings each month on its platform.