After lagging for much of its listed life, Cashrewards (ASX:CRW) shares rose this morning off the back of a partnership with ANZ Bank (ASX:ANZ).

ANZ Bank was already a 19 per cent shareholder, having bought almost $26 million in shares at IPO.

But from next month the bank’s 4.7 million consumer credit and debit card holders will be able to use the Cashrewards platform, which allows consumers to receive cashback offers from consumer brands, from next month.

Cashrewards will launch a supplementary platform called Cashrewards Max as part of the deal. It will allow ANZ’s credit card holders to enjoy card-linked rewards as well as enhanced offers and faster cashbacks in addition to existing loyalty program privileges offered on the platform.

The deal will see Cashrewards act as ANZ’s exclusive debit and credit card cashback platform, although Cashrewards can offer it to other partners (other than certain ANZ competitors).

Commenting from ANZ was the company’s Group Executive for Data and Automation Emma Gray, who said the bank’s customers were looking for new ways to boost their savings and this would help.

“This partnership responds to that demand by rewarding customers for their current spending behaviour, meaning they can buy now, save now,” she said.

“This partnership also opens the door for us to engage in more personalised conversations with our customers about how they can use their savings in a smart way, which could be saving for a home or business, or paying down debt.”

 

A key milestone

Cashrewards CEO Barnard Wilson said today’s deal was a key milestone in the company’s strategy.

“We expect Cashrewards Max to help cement Cashrewards as Australia’s default cash-back ecosystem and to accelerate our mission to grow the cash-back category to match the size of similar international markets,” he said.

The company took this opportunity to update shareholders on its membership numbers. It boasts 1,065,911 members at the end of May, which is 41 per cent more than the same point in 2020.

Cashrewards shares debuted at $2 per share and after gaining on the first trading day have gradually declined. But this morning shares rose by as much as 24 per cent.

Cashrewards (ASX:CRW) share price chart

 

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