Dosh, a cashback platform for consumers, has received $40m in its Series B round which was led by Goodwater Capital and Western Technology Investment (WTI).
Other participants of this round included PayPal, BAM Capital and Anthem Venture Partners. The series was compiled of $20m in equity and the remaining $20m through debt.
Texas-based Dosh helps users to earn money back by automatically searching for offers, without the need of scanning receipts, manual searching or through coupons. The app uses data-driven insights of customer behaviour around areas like retail, dining and home improvement, to suggest places to shop and get the best deals.
The app is downloadable from the Apple Store and Google Play and to get started, a user just has to connect their credit and debit card.
Over the past year, Dosh has witnessed strong growth with culminated in a total of $50m in cashback being given to consumers using the app.
Through the Series B funding, the FinTech is hoping to accelerate product innovation, boost technical capabilities, and hire more staff. It also plans to build more personalised customer experiences.
Dosh founder and CEO Ryan Wuerch said, “Consumers are tired of having their data used and sold to drive advertising revenues for companies. Dosh moves advertising spend directly into consumers’ wallets. We are empowering consumers for the first time to benefit from their own data, while bringing merchants new customers and greater revenues.”
Last year, Dosh pulled in $44m for its Series A round which was backed by Goodwater Capital, Paypal and a number of unnamed investors.
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