View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
August 8, 2019

Ibotta lands Series D funding

Ibotta, a mobile rewards platform headquartered in Colorado, has raised money in a Series D funding round at a $1bn valuation.

The funding round was led by Koch Disruptive Technologies (KDT), though the sum raised was not disclosed.

Using the infusion, Ibotta intends to further innovation through its payments solution Pay with Ibotta.

Introduced earlier this year, the payment solution allows shoppers to instantly get cashback upon paying for their purchases at retailers via Ibotta app.

KDT managing director Byron Knight said: “Fintech, and payments specifically, is an industry ripe for innovation and disruption, and we recognise the incredible potential in Ibotta’s efforts to use rewards to completely change the way consumers shop – from when and where they shop to what they buy, to how they pay for it.

“Beyond being just a capital provider, we look forward to bringing additional capabilities to help Ibotta deliver even more value back to consumers.”

Ibotta enables users to earn cashback on purchases at over 1,500 brands and retailers.

The firm intends to speed up hiring plans next year and expand its downtown Denver presence.

Ibotta founder and CEO Bryan Leach said: “While we’ve reached the point of critical mass awareness when it comes to paying with our phones, there’s still one piece missing on the path to true adoption: rewards.

“Through a shared vision with KDT and our expertise in rewards and consumer psychology, we are best-positioned to transform the emerging $100 trillion global payments market.”

 

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU