Fetch Rewards is a mobile application for earning points and rewards on applicable purchases. The app functions similarly to coupons, listing products with a point value system. After making purchases, the user scans their receipt from grocery stores, convenience stores, big-box retailers, and more to instantly redeem the points. Once the points are accrued, they can be redeemed for various rewards such as gift cards, sweepstakes, or magazine subscriptions.
Fetch partners with various products and brands for users to earn points. The products are listed within their application so a user can plan shopping trips ahead of time, or they can shop as they normally would before scanning in their receipt to see if applicable products were purchased. If the shopper has items from Fetch's participating product list, the user receives that product's assigned amount of points.
Users can earn additional points in Fetch by referring new shoppers to the application. This can be done by sharing a referral code when new individuals download the app for use. Fetch has no limits on the number of referrals someone can make, with each referral worth 2,000 redeemable points.
Special offer products are products worth bonus points when purchased on top of the usual brands supported by the application. The special offer products rotate and are limited-time offers, replaced with new products once removed from the coupon market.
The application has some limitation rules, allowing users only to scan 14 receipts per 7-day period. Once 14 receipts have been scanned in, the user must wait until the 7-day week closes and a new one begins. Additionally, no receipts over 14 days old will be accepted by Fetch, as offers may have changed since the initial purchase was made.
Fetch Rewards, the nation's leading consumer-loyalty and retail-rewards app, announced today that it has raised $80 million in Series C funding in a round led by ICONIQ Growth. Another new investor, DST Global, and existing investors Greycroft and e.ventures also participated. This latest round of funding brings the total amount raised by Fetch Rewards to $118 million.
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