CheckoutSmart acquires German competitor to cash in on European market
Having acquired Scondoo, the cashback app says it now has access to over 100 million potential new customers, and plans to develop its tech platform
CheckoutSmart, a UK-based cashback app which helps users to save money while shopping, has acquired its German counterpart Scondoo for an undisclosed amount.
Based in Farringdon, London, CheckoutSmart says that the acquisition brings with it the potential to attract more than 100 million new customers to the app, with the business now able to expand into Europe as a result of the deal.
Founded in 2014 by Paul Lees and Chris Howath, CheckoutSmart enables customers to claim up to 100% cashback by buying eligible products, which the app lists each week, in any participating shop. Customers then upload an image of their receipt to the app in order to have cashback deposited into their account.
The fintech business currently has over one million registered users in the UK, and can earn shoppers cashback at retailers including Tesco, Sainsbury’s, ASDA, Boots, Marks & Spencer and more. Investors in the company include founders from Reward Gateway and Quidco.
Scondoo also offers cashback rewards on particular products, with 80% of Germany’s 20 biggest FMCG (fast-moving consumer goods) brands featuring on the app.
According to CheckoutSmart, Scondoo’s platform has unique user experience features which the former will now incorporate into its app.
Lees, who is the managing director at CheckoutSmart, told BDaily:
“Scondoo is the number one player in Germany. CheckoutSmart is the number one player in the UK. Together, we are now Europe’s largest grocery cashback platform with the kind of pan-European reach that our FMCG clients crave.
“Acquiring Scondoo also opens up the option to incorporate elements of their user engagement platform – features such as its click-to-reveal-offer model and dynamic location redemption functionality really interested us.
“As a consequence of our extended European reach, we’ll be able to work with our clients to generate tons more unique offers for our members.”