Its biggest rival and market leader in the sector, TopCashback, acquired Sweden’s leading cashback site, Refunder. The deal will see Top Online Partners Group take an initial stake in the business, which will grow to full ownership by 2024. Mike Tomkins and Olly Ragg started TopCashback in the UK 16 years ago. Since then, with the support of an ever-growing team, it has expanded to be one of the largest cashback companies in the world, achieving the No.1 status in the UK as well as being a key industry player in the US, China, India and Germany.
In the last 12 months, TopCashback spent £4m on TV advertising in the UK. Earlier this year, the company strengthened it marketing team with a new hire to focus on engagement and retention, and on reducing the number of members moving over to its competitor.
Even though Moneysupermarket.com and Topcashback have put themselves in strong positions to grow, they will be looking for new creative and media strategies; and will invest more in other channels to reach new and retain members.