We've seen online shopping explode during the pandemic
and now one rewards platform is cashing in fetch rewards.
An app that gives customers access to rewards
every time they snap a photo of their receipt has raised 240 million in new funding.
So joining me now is Wes Shrill Ceo and founder of Fetch rewards west,
thank you so much for joining.
Think a lot of people excited about this
segment because we see inflation through the roof,
it's impacting many consumers out there.
How is your app, your service helping people save money?
I think you already captured it.
I mean at the end of the day,
consumers can just take a picture of
their receipt from any retailer across the country
and then we're utilizing that to go out there and connect them with brands,
retailers,
restaurants that want to reward those consumers for
the dollars that they're spending with that company?
Here's the question,
do they get cash back or do they get the equivalent of a gift
card perhaps in some of these restaurants or retailers that you partner with?
We do it all in the form of fetch points, which is a currency that we've created,
that you can turn around redeem for hundreds of options,
Everything from virtual gift cards,
you can donate them to charity enter into sweepstakes.
We don't really care what a consumer chooses to do with their points,
we just want them to find something that they're
going to feel good about redeeming them for?
Is it safe for the consumer?
Do they have to feel like they're basically handing over
their lives identity to take advantage of these fetch points.
We love the position that we sit in because at the end of the day,
we don't touch any credit card information.
We don't touch social Security numbers,
a lot of that social or a lot of that very sensitive information.
Really, what we're doing is just utilizing the information,
aggregating it together and then going out
there and talking with brands and retailers and
restaurants that want to go and reward
those types of consumers for incremental behavior.
So we don't need to be on a 1 to 1 level on that side.
And we're really able to utilize it to optimize the points that consumers can earn.
Well, you've raised a lot of money and new funding.
How are you going to put that money to use?
Well right now,
the team is about 700 people and we're going to continue to invest
in our talent and growing the staff so that we can continue to
innovate on the product side and then also innovate on our partner side,
delivering them world class products as well.
We just launched the app in Spanish. So that's coming to a your app near you.
If it's something that you want to utilize the app in and
we are going to be continuing to expand the overall user base.
We think we're still very under penetrated in the us in terms of the
total people out there that would love to get rewarded for their everyday shopping.
So we'll make sure that we're getting out in front of them.
Yeah, I think a lot of people would love to get rewarded,
especially in this environment for shopping with the
sticker prices through the roof as well.
On average, how much can a consumer save by using your app?
Well, if you're wanting to optimize the overall savings,
you just need to open the app and look at the discover page,
that's what's going to highlight all of the
different offers that are available for you that
if you go out there and try that brand or maybe shop at this specific retailer,
you're going to earn incrementally more for people I've, I've watched and I,
there's a social feed where you can connect with friends and
family and I'll tell you my leaderboards are always Being led
with people who are saving anywhere from 50 to $150 a
month because they're just really good at utilizing that discovery screen.
Okay, that sounds pretty good.
Another question for you is,
what kind of expansion are you looking at in terms of going to new retailers,
going to new offerings?
New entertainment venues where people can actually cash in these rewards.
Our belief overall is that if you are spending money with a company,
that company should be rewarding with you and we're able to actually
just follow the transactions that consumers are submitting today and we just,
that helps us to identify what companies we should go
after based upon the dollars that we're seeing flowing through.
So we just passed 100 and $8 billion worth of GM. V.
That we are capturing on an annual basis,
But we're only rewarding for less than 10% of that right now.
So our job as a sales force is to go out there and
expand to the other 90% that we don't currently have partnerships with.
So I think you'll see it be additional retailers, additional segments, verticals.
Our job is due out there and fetch rewards
for every single category that you're submitting receipts from.
Okay, well I know consumers want to fetch some rewards as well as a catchy name.
Wes we appreciate the time. Congratulations on the round.
That's wes scroll Ceo and founder
of fetch rewards.