Mitgo Group Invests $1.2 Million into Innovative Cashback App with Machine Learning, CheckRewards

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By STS News Desk On Nov 24, 2023

Mitgo-Group-Invests-_1.2-Million-into-Innovative-Cashback-App-with-Machine-Learning_-CheckRewards

Mitgo Group is a global, Germany-based technology company focused on providing innovative solutions and promoting entrepreneurship.

CheckRewards, an innovative cashback service fuelled by cutting-edge machine learning technology, has received a $1.2 million investment from the Mitgo Group and is set to redefine the cashback experience for both users and businesses.

Along with financial backing, Mitgo Group will provide wide-reaching networking opportunities and regional expertise, reflecting both the potential of CheckRewards and Mitgo Group’s dedication to fostering innovative tech businesses.

Alexander Bachmann, CEO of Mitgo Group:

“We recognise the immense potential within CheckRewards and firmly believe in their vision. Artem is an exceptional founder and, when he approached us for investment in the seed round, we didn’t hesitate. At Mitgo Group, we are committed to supporting the CheckRewards team as they progress in their project and seek further investment to expand into new markets.”

CheckRewards isn’t just another cashback app. It’s a smart shopping companion that assists with overall budget management. It provides access to exciting promotions, cashback rewards for everyday purchases and receipt scans, as well as robust expenditure tracking to help users manage their finances.

For brands, CheckRewards represents an opportunity to engage with customers through an innovative cashback tool, allowing for the quick launch of precisely targeted promotions without the need for complex technical integration. The company aims to partner with 50 major FMCG, retail and food brands, including industry giants like Noon, Amazon, Samsung, Dyson, Starbucks and H&M.

Artem Ostapenko, CEO of CheckRewards:

“CheckRewards presents remarkable advertising opportunities, including geo-targeting and customer preference-based targeting. We are eager to transform the cashback experience for users and foster business growth. Our plans include securing the next round of investments for expansion into new markets.”

CheckRewards has already launched Android and iOS apps in the UAE that implement cutting-edge receipt recognition technology. Future expansion plans include finding investment partners to enter Saudi Arabia and other key MENA countries.

For Mitgo, this investment is an opportunity to help CheckRewards realise its full potential. It’s also part of Mitgo’s ongoing global plan to invest $100 million USD into innovative projects by 2025. This plan has seen recent investments of $500,000 into productivity app, Manganum and investment into meditation app, Practico.