Fetch Rewards Raises $9.6M, Adds New App to Let Users Scan Receipts
Summary
Loeb Enterprises, a New York-based investment group that focuses on the marketing and media industries, led the funding round, says Fetch Rewards co-founder and CEO Wes Schroll.Schroll says that users of the Fetch Rewards app only need to take a single picture of a receipt using their mobile device, rather than going line-by-line putting in each item of a purchase.There are already a handful of free mobile apps—such as ReceiptPal, Ibotta, and MobiSave—allowing users to scan receipts from supermarkets and other stores, and receive cash back and other perks.Time will tell if Fetch’s new offering gets major traction, but the company has already signed up household names like Kraft Heinz (NASDAQ: KHC), MillerCoors, and Dove for its customer rewards program.For example, one could envision them offering rewards or future discounts to users who buy a certain amount of goods and use Fetch’s app to scan their receipts.
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