Dosh, an app that gives consumers cash back every time they shop at participating merchants, announced it has completed a $44 million Series A financing round to accelerate product innovation and technical capabilities.
Goodwater Capital, PayPal and institutional investors participated in the funding round.
The announcement underscores the momentum Dosh has developed since the app launched one year ago. During the past four months, more than 3 million new users have joined the Dosh platform, tens of thousands of new merchant doors have been added to the app from leading tier-one merchants, and more than $25 million in cash has been paid to consumers.
"The support from our new and existing investors means we can continue to accelerate our vision of moving billions of dollars to millions of people," said Ryan Wuerch, Founder and CEO of Dosh. "We are focused on creating the leading financial services platform for brands and merchants to connect directly with their consumers. With this additional funding, we can continue hiring the highest-caliber employees and rapidly growing our customer base and merchant partners."
Dosh is a transformational consumer financial services platform and app that delivers automatic cash back to consumers when they dine, shop or book hotels. At the same time, Dosh helps merchants to enhance consumer loyalty, acquire new customers and increase their frequency of purchases. Combining behavioral insights with machine learning, Dosh has become the largest card-linked, cash-back app and network in the U.S.
Sam's Club, Forever 21, Cost Plus World Market, Mattress Firm, Papa John's, U.S. Polo Assn., Chili's, and Payless ShoeSource are among the brands that take advantage of the Dosh platform.
"Dosh subscribers become sustained, repeat customers faster," said James Lerner, Senior Product Marketing Director, Walmart Global eCommerce/Samsclub.com. "Those customers are visiting 29% more often and spending 60% more per visit after 60 days when compared to non-Dosh subscribers."