Mitgo Group invests $1.2 Mn in CheckRewards

CheckRewards, a cashback service, has raised $1.2 million in a new round from the Mitgo Group.

The proceeds will be used to provide wide-reaching networking opportunities and regional expertise, CheckRewards said in a press release.

Founded by Artem Ostapenko, CheckRewards provides access to promotions, cashback rewards for everyday purchases and receipt scans, as well as expenditure tracking to help users manage their finances.

The firm plans to partner with 50 major FMCG, retail and food brands, including industry giants like Noon, Amazon, Samsung, Dyson, Starbucks and H&M.

CheckRewards has already launched Android and iOS apps in the UAE that implement receipt recognition technology. The company is now planning to close investment partners and launch in the Indian market in the coming years. 

The investment is also part of Mitgo’s ongoing global plan to invest $100 million into innovative projects by 2025. This plan has seen recent investments of $500,000 into productivity app Manganum and investment into meditation app Practico.