CheckRewards, an Innovative Cashback App with Machine Learning, launches in MENA

Adgully Bureau |
CheckRewards, an innovative cashback service fuelled by cutting-edge machine learning technology, is entering the MENA region. Backed by a $1.2 million investment from the Mitgo Group, CheckRewards is set to redefine the cashback experience for both users and businesses across the Middle East and North Africa.

CheckRewards plans to become a leading player in the cashback industry, offering a revolutionary omnichannel platform that seamlessly connects consumers with brands, both online and offline. The company aims at partnering with 50 major FMCG, retail and food brands, including industry giants like Noon, Amazon, Sharaf DG, Samsung, Dyson, Starbucks and H&M.

For users, CheckRewards isn't just another cashback app. Instead, it's a smart-shopping companion that assists with overall budget management. The app provides access to exciting promotions, cashback rewards for everyday purchases and receipt scans, as well as robust expenditure tracking to help users keep on top of their finances.

For brands, CheckRewards represents an opportunity to engage with customers through an innovative cashback tool, allowing for the quick launch of promotions without the need for complex technical integration. This enables brands to precisely target specific audience segments based on user preferences, ultimately driving an increase in average purchase value, sales volume and customer loyalty.

CheckRewards' growth plans

The CheckRewards team has already launched similar projects in Eastern Europe and achieved significant milestones, boasting over 5 million users and 180 million in-app purchases. Following the successful launch of the MVP in the UAE, which demonstrated strong audience interest, the team has made the strategic decision to venture into the MENA market.

MENA presents a tremendous opportunity for CheckRewards, as the popularity of cashback services within the region continues to grow. According to a Statista report, in 2021, retail sales in the United Arab Emirates alone were estimated at approximately 74 billion U.S. dollars, with forecasts predicting a substantial increase to 114 billion U.S. dollars by 2026.

CheckRewards is committed to building strong partnerships, both globally and within the MENA region. In its first year, the company plans to collaborate with 50 major FMCG, retail and food brands, while also exploring partnerships with local banks to offer users a seamless money withdrawal experience.

CheckRewards has already launched Android and iOS apps in the UAE that implement cutting-edge receipt recognition technology. Future expansion plans include finding investment partners to enter Saudi Arabia and other key MENA countries.

Investment and support from Mitgo

Mitgo Group, an indispensable partner on CheckRewards' journey, has made a substantial $1.2 million investment into the project. In addition to financial backing, Mitgo Group will provide wide-reaching networking opportunities and regional expertise. This unwavering support reflects both the potential of CheckRewards and Mitgo Group's dedication to fostering innovative tech businesses.

Alexander Bachmann, CEO of Mitgo Group:

"We recognise the immense potential within CheckRewards and firmly believe in their vision for the MENA market. Artem is an exceptional founder and, when he approached us for investment in the seed round, we didn't hesitate. This strategic collaboration is well-positioned to reshape the cashback landscape in the region, offering unparalleled opportunities for both consumers and businesses. At Mitgo Group, we are committed to supporting the CheckRewards team as they progress in their project and seek further investment to expand into new markets."

Artem Ostapenko, CEO of CheckRewards:

"We are thrilled to introduce CheckRewards to the MENA region, where the demand for cashback services is on the rise. CheckRewards stands as a unique solution, presenting remarkable advertising opportunities, including geo-targeting and customer preference-based targeting. We are eager to transform the cashback experience for users and foster business growth in this dynamic region. Our plans include securing the next round of investments for expansion into new markets, with a focus on the KSA."