CheckRewards expands cash-back services in Saudi Arabia
CheckRewards, a UAE-based startup, is expanding its cash-back services to Saudi Arabia as the Kingdom becomes an attractive hub for technology businesses.
Founded in 2023 by Artem Ostapenko, the company has received a $1.2 million investment from Mitgo Group and has quickly gained traction with over 100,000 users in just one month.
The service uses machine learning to provide consumers with cash back on their purchases, filling a market void in the UAE. CheckRewards now plans a similar expansion in Saudi Arabia, expecting an even more significant uptake due to the larger market and appetite for new technology.
Ostapenko shared ambitious growth targets for CheckRewards in Saudi Arabia, with prospects of tripling the user base compared to the UAE.
The company is in discussions for partnerships with global fintech players and is enhancing its platform to attract a diverse audience including Gen Z, women, and expatriates.
A comprehensive marketing campaign is underway to aggressively promote the cash-back concept, positioning CheckRewards as a leader in the Middle East and North Africa (MENA) region, inspired by the model's success in the West.
The company aims to educate the market on the benefits of cash-back and overcome initial skepticism from customers and retailers. It also plans future innovations in the cash-back mechanisms to tailor the model for regional preferences.
CheckRewards simplifies the cash-back process with machine learning algorithms that verify receipts and prevent fraud. The company operates on a cost-per-sale model, charging partners only when a user completes a purchase, and it generates additional revenue from media advertising and lead generation. Ostapenko is confident of CheckRewards' profitability by next year, anticipating significant returns.
The service uses machine learning to provide consumers with cash back on their purchases, filling a market void in the UAE. CheckRewards now plans a similar expansion in Saudi Arabia, expecting an even more significant uptake due to the larger market and appetite for new technology.
Ostapenko shared ambitious growth targets for CheckRewards in Saudi Arabia, with prospects of tripling the user base compared to the UAE.
The company is in discussions for partnerships with global fintech players and is enhancing its platform to attract a diverse audience including Gen Z, women, and expatriates.
A comprehensive marketing campaign is underway to aggressively promote the cash-back concept, positioning CheckRewards as a leader in the Middle East and North Africa (MENA) region, inspired by the model's success in the West.
The company aims to educate the market on the benefits of cash-back and overcome initial skepticism from customers and retailers. It also plans future innovations in the cash-back mechanisms to tailor the model for regional preferences.
CheckRewards simplifies the cash-back process with machine learning algorithms that verify receipts and prevent fraud. The company operates on a cost-per-sale model, charging partners only when a user completes a purchase, and it generates additional revenue from media advertising and lead generation. Ostapenko is confident of CheckRewards' profitability by next year, anticipating significant returns.
