Popular cashback website Quidco, has announced that it will be teaming up with Visa Europe that could benefit its high street businesses.
Quidco, which offers money back to its customers that shop online by tracking the shoppers purchase from starting at Quidco to making the purchase via the retailer, are now growing its “in-store cashback” service, which means customers will be able to receive money back on the high street and in supermarkets.
The cashback service has 40 retailers already signed up, and has reported that after signing the deal Visa it now has Mothercare, Hotel Chocolat and Gap on board.
Andreas Andreou, Quidco’s commercial director, said: “We expect the scheme to double in size to more than 80 retailers on the platform 12 months from now, and predict an uplift in turnover for these brands of over 100pc as a consequence.”
The company, founded in 2005 by Jennifer and Paul Nikkel whilst at Sheffield University was started to help students manage their money.
Figures show that the company made £70 million in revenue with £60 million going back to shoppers and £2 million in pre-tax profits.
Commenting, Quidco’s managing director, Andy Oldham said: “We aren’t looking to be diluted and being private means that we are can be more nimble and compete against the likes of loyalty card rivals like Nectar and Aimia."
