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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”.
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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.