GetUpside gives consumers cashback when reading checks. But how does GetUpside make money? And what is the business model of GetUpside? Let’s find that out today!
How does GetUpside make money?
GetUpside makes money through affiliate commissions from partner brands. These brands pay GetUpside for eligible transactions made by the app users. GetUpside earns part of this commission and the rest is rewarded to the users as cashback.
What Is GetUpside?
Founded in 2016 by a group of former Google employees (Ian Rubio, Joanna Kochaniak, Rick McPhee, Thomas Vaughan, Rick McPhee) including Wayne Lin and Alex Kinnier, GetUpside is a smartphone app that allows users to receive cash back when they scan a receipt for purchases on Android or iOS.
Nearbuy and LivingSocial send coupons to users via email, but GetUpside displays discounts based on user location.
The GetUpside business model is based on affiliate commissions provided by the brands you work with. The seller pays the company a fee when the buyer makes a purchase that is eligible for cashback.
GetUpside was founded in 2016 and has grown into a market leader in the incentives industry. To date, GetUpside customers have earned over $50 million in cash back.
GetUpside is a platform that allows users to earn cashback rewards for their purchases. This service is very easy to use.
- First, the buyer needs to download the GetUpside mobile app. It is available for Android and iOS devices.
- Buyers select offers and rates. Users can receive rewards while shopping at grocery stores, gas stations, or restaurants.
- After shopping for users simply take a picture of the invoice and upload it to the GetUpside app. The platform’s image recognition technology does the rest.
- The cashback will be added to the buyer’s account upon confirmation of purchase. Users can withdraw benefits with checks, digital gift cards, or PayPal.
GetUpside has partnerships with over 20,000 companies such as Burger King, Dunkin’Donuts, Kmart, and Shell. To date, customers have earned over $50 million in cashback using the GetUpside app.
How Does GetUpside Work?
Saving money with your GetUpside account is easy. Download the app and create a free account using your email address or Facebook account and you can make money in just three easy steps.
Just like its competitors, Ibotta, GetUpside uses machine learning and AI to read through your invoices and reward you with the best cashback possible!
1. Find A Local Or Online Partner Shop
GetUpside works similar to other reward apps like Ibotta and Checkout 51, but only for fuel purchases. This app works with physical stores and online retailers nationwide. It gives you access to GetUpside cashback offers and local petrol prices.
2. Redeem Offers
Before making a purchase, you will be asked to use a coupon similar to iBotta. However, if you are rewarded for buying gas, GetUpside works as well.
GetUpside offers two different types of promotions.
Most sellers need to upload a receipt as proof of purchase. If you request a quote, it will take 4 hours to purchase and 24 hours to upload your receipt.
Simply visit your partner’s gas station, check-in from the mobile app after purchase, and earn cashback at a particular retailer. These promotions must be available within 20 minutes of purchase.
GetUpside also requires payment by debit or credit card. You can expect an offer up to 10 days after your check-in or upload your receipt.
3. Earn Cashback
You can find a variety of products at GetUpside. When you shop at any large retailer, you can get up to $10 cashback on your shopping receipts.
You can then redeem these rewards directly to your PayPal account as cash that can be used for later.
How Does GetUpside Make Money – Business Model Of GetUpside
GetUpside makes money through affiliate commissions from brand partnerships. These partners pay a small commission to GetUpside for all transactions that are eligible for cashback. A part of this commission is rewarded to the users as cashback points.
Personalization technology can display, for example, additional products that customers did not think in advance.
Ultimately, this will increase partner sales and profits, allowing some of that growth to be returned to GetUpside.
There are several other reasons why the brand advertises on GetUpside.
- Exclusivity – For example, if there are three gas stations nearby, GetUpside will only show the partner gas station in the app. This will allow the customer to visit that particular store.
- Better ROI tracking – Data from traditional marketing channels such as television and billboards is difficult to quantify in terms of ROI. With GetUpside, purchases are accurately assigned to each store and user. Partners can aggregate and get a summary of buyer behavior (no personal data is shared by GetUpside) and evaluate which product or location is the most effective.
- Promote Specific Products – Partners can promote a particular product by earning more points. After all, repeated purchases of a product category ultimately increase customer loyalty and brand awareness.
Here are some other ways GetUpside can make money:
1. Save Money On Services Offered By Fuel Stations
GetUpside also displays other services like car-washing and service on its app. These services are provided by the gas stations at a discounted rate for GetUpside users.
The app also offers promotions from partnering convenience stores. You can earn up to $3 per service from GetUpside. You can also earn up to $0.15 per gallon of gas.
2. Restaurant Offer
GetUpside also works with grocery stores to offer restaurant deals to increase cashback. These offers are currently limited to 3 states, but you can earn up to 35% cashback.
GetUpside proves over time as one of the most adaptable incentive apps for supermarkets and restaurants.
3. Grocery Store Discounts
You can make even more money with GetUpside grocery discounts. Unfortunately, there are currently only three stores in Washington, D.C., Virginia, and Maryland.
GetUpside also includes two well-known stores, Streets Market & Cafe and Moti’s Market. The new utility of the GetUpside app is a good representation of the future as a money-saving tool, as you’ve never heard of these local businesses.
The Success Story Of GetUpside
GetUpside was founded in 2016 in Washington DC by Alex Kinnear (CEO), Ian Rubio, Joanna Kochanyak, Rick McPhee, Thomas Vaughan, and Wayne Lean.
Lin and Kinnear first met in the mid-2000s after they finished working on software to display ads for Google.
Kinnear later joined Khosla Ventures and New Enterprise Associates (NEA) as partners. Finally, after five years as an entrepreneur, he joined Opower as Senior Vice President of Product and Design.
Kinnier rejoins Lin, who joined Opower a few years ago, a platform that enables utilities to interact with customers via Software as a Service (SaaS).
They also meet the rest of the company’s co-founders: Rubio, Kochanyak, McPhee, and Vaughan.
Oracle acquired Opower in 2016 for $532 million.
After the acquisition, they all started their first business. In early 2016, Kinnier’s connection to the venture capital market, Kinnear and the company raised $6 million in a seed round.
One year later, in December 2016, the public finally learned about GetUpside. Initially, the app focused on gas stations for cashback promotions.
GetUpside has been dedicated to developing relationships with companies such as BP, Kmart, and other supply chain organizations over the following years.
GasBuddy and Checkout 51 were the company’s two biggest competitors, reaching an agreement in March 2020.
These agreements allow GetUpside to promote custom products on these partners’ platforms.
In particular, 2020 has been a very successful year for the organization.
The number of users has increased due to the financial constraints of the novel coronavirus as customers look for additional ways to cut costs.
Since its launch in late 2016, GetUpside has served more than 25 million customers. The company currently employs more than 200 people and operates offsite in Austin, Chicago, and Washington, DC.
GetUpside Funding And Valuation
According to Pitchbook data, GetUpside has raised more than $18 million in four rounds of debt and equity financing.
Notable investors include Builders VC, Capital One Growth Ventures, Bienville Capital, Saudi Aramco Energy Ventures, Formation 8, and many more.
As a privately held company, GetUpside is under no obligation to disclose earnings or valuation figures to the public. Future funding announcements could change that.
GetUpside Business Model – Conclusion
Founded in 2015, GetUpside is a cashback app that rewards users at gas stations. After successful execution, the service has expanded to a variety of different restaurants and supermarkets now.
GetUpside makes money by referring customers to partner brands. When customers make an eligible purchase using the app, the retailer pays a commission to GetUpside.
GetUpside leverages a wealth of consumer spending data, allowing businesses to get the insights they need about their stores, locations and products. Additionally, companies that are facing strong local competition benefit from being included in the GetUpside app.