SoftBank-backed US shopping rewards platform Fetch Rewards raises $240m

Photo: Campaign Creators/ Unsplash.com

Fetch Rewards, a shopping rewards app backed by SoftBank Group Group’s Vision Fund 2, has raised $240 million in a funding round that valued the company at more than $2.5 billion, Chief Executive Officer Wes Schroll told Reuters on Wednesday.

The fresh capital, consisting of both equity and debt, came after the app doubled its active user base in the past year to 13 million, underpinned by pandemic-fueled e-commerce growth and consumers on a tigher budget in a high-inflation economy.

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