Dosh, an Austin-based cashback offers platform, has been acquired by Atlanta-based Cardlytics for $275 million in cash and stock.
Dosh, founded in 2016, had raised $96 million in funding from investors including PayPal, Goodwater Capital, Next Coast Ventures, Chetrit Ventures, and Extol Capital.
Dosh created an app that allowed consumers to get cashback on all kinds of purchases from clothes to food to hotel rooms.
In the last year, Dosh struck up partnerships with financial institutions, neo-banks, and fintech companies like Venmo, Betterment, and Ellevest to offer its platform in their digital channels.
“Dosh’s technology is extremely complementary to the long-term financial institution integrations and substantial scale we’ve built over the past 13 years. With the addition of Dosh, Cardlytics will accelerate its ongoing efforts to improve the advertising industry through our brand-safe alternative, which provides superior returns based on actual purchases. This creates real value for consumers, advertisers and our bank partners,” Lynne Laube, CEO and co-founder of Cardlytics, said in a news release.
Dosh will join Cardlytics’ advertising platform which has more than 163 million monthly active users.
“Combining our technology with Cardlytics’ scale, we have an opportunity to drive significant revenue for our advertisers while putting money back in the wallets of consumers,” Ryan Wuerch, CEO and co-founder of Dos, said in a news release. “We are excited to join the Cardlytics team and are looking forward to positively impacting consumers and merchants.”
To date, Cardlytics has provided more than $500 million in cashback to consumers, while also driving positive, measurable results for its advertisers across a variety of industries including retail, restaurant, telecommunications, direct to consumer, grocery, and travel.
