The Madison-based company behind the shopping rewards app Fetch has raised $50 million in debt financing after reaching profitability.
Fetch intends to use the cash infusion to accelerate a year of aggressive growth through product innovation, the development of its proprietary artificial intelligence technology, growing the app's user base, and hiring, Fetch announced earlier this month.
The new debt financing is with Morgan Stanley Private Credit.
Fetch achieved profitability in the fourth quarter of 2023, according to the company. Fetch founder and CEO Wes Schroll told Wisconsin Inno in 2022 the company was choosing to remain unprofitable at the time while it invested in marketing and product development.
For consumers, the Fetch app allows users to take pictures of their receipts to get personalized deals and earn points redeemable for gift cards. For brands, restaurants and retailers, Fetch offers customized marketing solutions based on its consumer data. The company says it captures more than $152 billion worth of customer transactions annually.
To date, Fetch users have submitted more than five billion receipts and earned nearly $910 million in rewards, according to the company.
Since its founding in 2013, the company formerly known as Fetch Rewards has raised hundreds of millions of dollars in venture capital and debt financing. In April 2022, it announced it raised $240 million in equity and debt at a valuation of more than $2.5 billion. At that time, it had raised a total of more than $500 million.
