Loyalty App Fetch Rewards Seals $210 Million Led By SoftBank Vision Fund 2

Fetch Rewards, a consumer loyalty and rewards app, has raised over $210 million in a Series D funding round, according to a press release.

SoftBank Vision Fund 2 led the round, and existing shareholders ICONIQ, DST, Greycroft and e.ventures also participated, the release stated.

Fetch Rewards Founder and CEO Wes Schroll said in the release: “Innovation, responsiveness and speed have been key to our growth over the past year. COVID-19 has forced us to adapt to the feedback that our shoppers are giving us. We’ve always cared about what our shoppers say, we exist to make their shopping experiences better. They help to inform a lot of our product strategy.”

Fetch Rewards’ technology allows shoppers to earn free rewards on their everyday purchases, using the camera app on their phones to snap photos of receipts. The company’s philosophy is that users “should be rewarded for the things they already do,” according to the release. As shoppers take the photos, Fetch Rewards looks for the rewards they’re eligible for.

Shoppers buying anything from anywhere can scan receipts and get instant rewards, the release stated.

The pandemic has helped the company grow as it engendered a shift in shopping habits for consumers, according to the release. Food retail revenue has spiked 25 percent, and there has been an increase in total grocery bills.

“As we continue to grow and innovate fast, we are thrilled to join the SoftBank Vision Fund 2 portfolio,” Schroll said in the release. “This new partnership will give us the momentum we need to achieve our goal of becoming the world’s rewards platform.”

Technological enhancements like artificial intelligence (AI) can help bolster restaurant rewards programs by increasing customer engagement, giving restaurants the ability to quickly assess data and offer actionable insights, helping them tailor offerings to what customers want.

Loyalty programs alone might not be enough to win customers’ hearts in 2021, though, with the secret often hinging on the experiences that come along with precise needs and ordering preferences.