Ibotta, the leading mobile rewards platform in the United States, today announced a Series D financing round at a $1 billion valuation, becoming one of Colorado’s fastest growing consumer tech companies. The funding will enable Ibotta to continue leading innovation within the payments industry through the company’s turnkey and rewarded payments solution Pay with Ibotta, furthering its mission of making every purchase rewarding.
The round is being led by Koch Disruptive Technologies, LLC (KDT), an investment firm dedicated to investing in emerging high-growth technologies across a range of industries. KDT, a subsidiary of Koch Industries, Inc., one of the largest private companies in America, focuses on investments that improve Koch’s core capabilities as well as those that create entirely new platforms poised to change society for the better.
“While we’ve reached the point of critical mass awareness when it comes to paying with our phones, there’s still one piece missing on the path to true adoption: rewards,” said Bryan Leach, Founder and CEO of Ibotta. “Through a shared vision with KDT and our expertise in rewards and consumer psychology, we are best-positioned to transform the emerging $100 trillion global payments market. The excitement of cash rewards will be the flash point in changing consumer behavior and driving adoption of new forms of mobile payments worldwide.”
One of the most widely used shopping apps in the U.S., Ibotta has amassed a community of more than 35 million downloaded Savers who receive cash rewards for making purchases in-store, on mobile apps or via websites. To date, Ibotta has put $600 million back into consumers’ pockets, with over $200 million expected to be earned this year alone. The app also launched its first-ever payments solution earlier this year, Pay with Ibotta, enabling shoppers to pay for their entire purchase at leading retailers through the Ibotta app and earn cash back instantly.
The latest funding comes at a time of aggressive new growth goals for Ibotta as it expands its footprint as one of the largest and most successful independent tech companies in Colorado. Over the next year, Ibotta will accelerate hiring plans while at the same time expanding its downtown Denver presence at 1801 California Street, where it already occupies two full floors. “We are looking to attract people who are excited about building next generation consumer technologies and who want to be part of our fast-paced, bold culture of innovation here in Denver,” said Leach.
“KDT seeks to create win-win opportunities with our partners to create transformative value for society,” said Byron Knight, Managing Director, KDT. “Fintech, and payments specifically, is an industry ripe for innovation and disruption, and we recognize the incredible potential in Ibotta’s efforts to use rewards to completely change the way consumers shop – from when and where they shop to what they buy, to how they pay for it. Beyond being just a capital provider, we look forward to bringing additional capabilities to help Ibotta deliver even more value back to consumers.”