Mitgo Group has invested $1.2 million in CheckRewards, a burgeoning cashback service that significantly boosts the fintech sector. According to a recent press release from the company, this strategic investment aims to propel CheckRewards to new heights by providing extensive networking opportunities and regional expertise.
Founded by Artem Ostapenko, CheckRewards has quickly carved a niche by offering users access to enticing promotions, cashback rewards on everyday purchases and receipt scans, and robust expenditure tracking capabilities to empower users in managing their finances.
The infusion of $1.2 million from Mitgo Group will play a pivotal role in CheckRewards’ expansion plans. The company envisions establishing partnerships with 50 major FMCG, retail, and food brands, boasting an impressive list that includes industry giants such as Noon, Amazon, Samsung, Dyson, Starbucks, and H&M.
Already making waves in the UAE with its Android and iOS apps that leverage cutting-edge receipt recognition technology, CheckRewards is gearing up for a broader market reach. The company plans to solidify investment partnerships and strategically enter the lucrative Indian market in the upcoming years.
This investment aligns seamlessly with Mitgo Group’s broader global strategy, wherein the conglomerate aims to invest $100 million into innovative projects by 2025. Recent examples of Mitgo’s commitment to this vision include a $500,000 investment in the productivity app Manganum and a stake in the meditation app Practico.
With Mitgo Group’s backing, CheckRewards is poised for rapid expansion, aiming to revolutionize the cashback service landscape while delivering enhanced value to consumers. The investment underscores Mitgo’s confidence in CheckRewards and reflects the growing trend of significant financial players recognizing the potential within fintech start-ups.
