Cashrewards shares received a 20% boost on Friday, after the small-cap fintech agreed with major backer ANZ, to create Cashrewards Max. The new program offers 4.7m ANZ consumer credit and debit card holders the opportunity to receive enhanced cashback offers and faster cashback from a range of merchants and exclusive experiences.
Cashrewards Max will launch in August 2021, offering ANZ consumer debit and lowfee credit card customers new to Cashrewards the chance to earn card-linked rewards for the first time. Members of ANZ’s premium credit card programs will receive the benefits of Cashrewards Max in addition to existing program privileges.
The new agreement, with an initial term of three years, also creates a framework for further exciting product innovation in coming years with Cashrewards as ANZ’s exclusive debit and credit card cashback platform.
Leveraging Cashrewards’ core platform, ANZ cardholders will browse offers from 1700 leading brands, receiving cashback when they shop online or in-store. Among the brands active on the Cashrewards platform are Apple, Myer, Liquorland, Adidas, Bonds, Target, Booking.com and The Iconic.
The Cashrewards Max revenue model mirrors the core program whereby Cashrewards earns commissions when members are incentivised to purchase by cashback offers from more than 1,700 major brands, both online or in-store. A proportion of that commission is then paid to members.
Whilst Cashrewards becomes ANZ’s exclusive debit and credit card cashback platform, it retains flexibility to offer its cashback rewards platform to other partners (other than a limited group of prescribed ANZ competitors).
Cashrewards CEO Bernard Wilson said: “We are delighted to have achieved such a comprehensive agreement to both deliver Cashrewards Max and establish strong foundations for an enhanced long-term relationship. This is a key milestone in our strategy. We expect Cashrewards Max to help cement Cashrewards as Australia’s default cashback ecosystem and to accelerate our mission to grow the cashback category to match the size of similar international markets.”
ANZ acquired a 19% shareholding in Cashrewards in its December 2020 initial public offering. Since then the share price has struggled dropping from a peak of $2.20 to a low of just 66 cents.