Checkout 51
Innovative portal to get daily deals and offer on mobile by their app goes by the same title checkout51.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor investor | €0.0 | round | |
N/A | Acquisition | ||
| Total Funding | 000k | ||
Founded in Toronto, Canada, in August 2012 by serial entrepreneurs Pema Hegan, Noah Godfrey, and Andrew McGrath, Checkout 51 operates a mobile application that facilitates cash-back rewards on grocery, gas, and pharmacy purchases. The founders, who had previously created and sold the online magazine Dose and the social recommendation site GigPark, identified an opportunity to modernize the traditional coupon industry. The concept originated from analyzing grocery receipts to gather consumer data, aiming to create a platform that could capture this information efficiently.
Checkout 51's business model is centered on a pay-for-performance structure with its brand partners. The company earns revenue by charging brands the value of the redeemed coupon plus a processing fee, which varies based on the level of consumer targeting required. This model provides consumer packaged goods (CPG) companies with a direct channel to shoppers, allowing for targeted promotions based on purchase history. For consumers, the service is a free mobile application where they can browse weekly offers, purchase the items at any store, and then upload a photo of their receipt to earn cash back. Once a user's account balance reaches a $20 threshold, they can cash out.
The company launched its app in Canada in December 2012 and expanded into the U.S. market in January 2014. By July 2015, Checkout 51 had amassed four million users across both countries. This growth attracted the attention of News America Marketing, a subsidiary of News Corp, which acquired the startup in July 2015 to enhance its digital and mobile offerings. Following the acquisition, Checkout 51 continued to operate under its own name from its Toronto base. Later, News America Marketing was sold to private equity firm Charlesbank Capital Partners in 2020 and became Neptune Retail Solutions. Checkout 51 now functions as a key component of Neptune's omnichannel network, providing first-party shopper data that powers its parent company's broader marketing solutions.
Keywords: cash back app, grocery rewards, mobile coupons, receipt scanning, consumer savings, CPG marketing, shopper data, retail analytics, brand promotions, digital rebates, loyalty programs, grocery savings, pharmacy discounts, gas rewards, Pema Hegan, Noah Godfrey, Andrew McGrath, Neptune Retail Solutions, shopper marketing, customer acquisition, consumer insights, mobile advertising, purchase data analysis