Ibotta: Mobile Rewards Company Raises Funding At $1 Billion Valuation

By Amit Chowdhry ● August 9, 2019
  • Leading mobile rewards platform company Ibotta announced a Series D round of funding at a $1 billion valuation

Ibotta — a leading mobile rewards platform in the US — announced a Series D round of funding at a $1 billion valuation. This makes Ibotta one of the fastest-growing consumer tech companies in Colorado.

The Series D round of funding was led by Koch Disruptive Technologies, LLC (KDT), the investment firm art of Koch Industries, Inc. And the funding will enable Ibotta to continue leading innovation within the payments industry through its rewarded payments solution Pay with Ibotta, thus furthering its mission of making every purchase rewarding.

“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 Ibotta founder and CEO Bryan Leach in a statement. “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 flashpoint in changing consumer behavior and driving adoption of new forms of mobile payments worldwide.”

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The Ibotta app also launched its first-ever payments solution earlier this year called Pay with Ibotta, which enables shoppers to pay for their entire purchase at leading retailers through the Ibotta app and earn cashback instantly.

This funding round 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. And 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 has two full floors occupied.

“KDT seeks to create win-win opportunities with our partners to create transformative value for society,” added Koch Disruptive Technologies managing director Byron Knight. “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.”

Some of the retail and e-commerce partners that Ibotta works with include Target, Old Navy, Expedia, Samsung, Under Armour, Casper, J. Crew, Boxed, and Groupon.