Ukrainian cashback service LetyShops receives a $3M investment
Summary
Since 2019, the service began its international expansion, entering the markets of Spain, Germany, Poland, India, and Latin America. In June 2020, the company’s profit from the ‘new markets’ has already exceeded 30%,” comments Igor Gnatovsky, CEO of LetyShops. We aim to strengthen our positions in Spain, Poland, and Latin America, to outperform competitors in Germany and India, and to enter new markets.” The service is currently available in seven languages (Ukrainian, Russian, Spanish, English, Polish, German, Portuguese), cooperates with 2,400 online stores in almost all categories of e-commerce, and hosts more than 12 million users. According to SimilarWeb, LetyShops website was visited by 4 million people in May 2020. Who is the investor AB Capital Group owns a cluster of IT companies centered around Admitad, a global affiliate network that last year delivered $5B in advertisers’ revenue — largely owed to the US, UK, Germany, France, Poland, Brazil, and India. We see great potential in the cashback market in the new regions and are certain that LetyShops will fully discover it,” AB Capital Group founder Alexander Bachmann comments.