Member Article

Farringdon-based money saving app has acquired a German rival

CheckoutSmart, the Farringdon-based money saving app, has acquired German shopping reward company scondoo in a move that helps significantly expand its presence in the European market.

The London-based cashback firm, which already has over a million user accounts in the UK, has claimed that the acquisition will open up access to more than 100m potential new customers and help to expand its tech offering.

Founded in 2014 by Chris Howarth and Paul Lees, the company focuses its service around cashback offers for groceries and early backers have included the founder of Quidco and the founders of Reward Gateway.

Paul Lees, managing director of CheckoutSmart, said: “Scondoo is the number one player in Germany. CheckoutSmart is the number one player in the UK. Together, we are now Europe’s largest grocery cashback platform with the kind of pan-European reach that our FMCG clients crave.

“Acquiring scondoo also opens up the option to incorporate elements of their user engagement platform - features such as its click-to-reveal-offer model and dynamic location redemption functionality really interested us.

“As a consequence of our extended European reach, we’ll be able to work with our clients to generate tons more unique offers for our members.”