Fetch Rewards is a popular mobile rewards app that lets shoppers scan receipts and earn points redeemable for gift cards, merchandise, or partner offers. The app turns consumer purchase data into value — for users (rewards) and for brands (first-party purchase signals). In this updated guide we explain how Fetch makes money, its growth and funding, and why its model matters to brands and consumers.
What is Fetch Rewards and How Does it Work?
Fetch Rewards is a free mobile app (iOS & Android) that rewards users for buying specific products or brands and scanning receipts. After you scan a grocery or in-store receipt, Fetch automatically recognizes participating brands and credits points to your account. Points can be redeemed for gift cards from big retailers or other rewards. The app also runs promotions and short campaigns where users can earn extra points for specific items or actions.
Fetch’s early win was simplifying loyalty: instead of juggling dozens of store programs, users scan one receipt and earn across many brands. That simplicity helped Fetch scale quickly into a major data & loyalty platform.
How Fetch’s Basic User Flows Create Business Value
- A user buys a product from a participating brand and scans the receipt.
- Fetch identifies the purchased SKUs and records that first-party purchase event.
- The user earns points; the brand receives verified purchase signals and marketing attribution.
- Brands pay Fetch for conversions, promotions, or access to aggregated insights.
That mix — consumer rewards + brand measurement — is the backbone of Fetch’s ecosystem: users get tangible value, brands get measurable results.
Primary Revenue Streams (How Fetch Makes Money)
Affiliate / Referral Commissions (Brand Partnerships)
The largest, most obvious revenue source is brand partnerships. Fetch partners with hundreds of consumer brands across grocery, personal care, baby, beverage and more. When a user buys a partner brand and redeems a promotion, Fetch is paid by the brand for the sale or for driving incremental purchases. This affiliate/referral fee model is core to Fetch’s economics: brands pay to drive trial and measure ROI, while Fetch pays users points as an incentive.
This is the classic performance marketing arrangement — Fetch is effectively a verified bridge between consumer buying behavior and brand marketing dollars.
Interchange and Payments Revenue (Fetch Pay / Fetch Card)
Fetch launched payment products that let users earn automatically when they use a Fetch-linked card. When customers pay with the Fetch Card (a branded debit/credit product), Fetch participates in the payment routing economics: merchants’ acquirers pay interchange to issuers, and Fetch receives a portion via its issuing/partner bank arrangements. This adds a steady, transaction-based revenue stream beyond affiliate commissions. Industry coverage describes this interchange share as one of the ways Fetch monetizes card activity.
Data & Insights (Analytics and Audience Targeting)
Fetch collects anonymized, permissioned, first-party purchase data at scale. Brands and CPG companies need reliable signals of who bought what, when and where — and they pay for audience segmentation, campaign insights, measurement, and calibration. Fetch packages this value as analytics and attribution services that help brands measure promotion lift and plan media.
Referral and Growth Incentives (User Acquisition Economics)
Referral programs expand the user base and bring in network effects. Fetch regularly runs referral bonuses where both referrer and referee get points. That accelerates growth and reduces paid user acquisition costs relative to a pure paid-media approach. Fetch still spends on growth, but referrals lower the net acquisition cost per user.
Other Commercial Programs (Co-op, Promotions, Integrations)
Fetch also runs time-limited campaigns, co-op marketing programs, and integrations that brands sponsor. For example, exclusive in-app promotions or “bonus points” campaigns are paid placements that drive short-term revenue for Fetch while delivering measurable lift for brands.
Key Facts & Scale (2024–2025 Highlights)
- Fetch raised a major financing round — $240 million in equity and debt in April 2022 — valuing the company at more than $2.5 billion. This capital fueled product expansion and partnerships.
- Fetch reported strong user and usage growth. Coverage shows Fetch reached double-digit millions of monthly active users and processed billions of receipt scans since launch; independent reporting noted more than 10 million active monthly users and profitability in Q4 2023.
- The company disclosed very large point volumes and referral activity — Fetch reported hundreds of billions of points issued in 2024 and nearly 1 billion points given for referrals in 2024 — signals of high engagement among users.
These figures show Fetch has scaled both audience and transaction data, which strengthens its monetization options (affiliate fees, card interchange, and analytics).
Is Fetch Profitable and How Much Does it Earn?
Fetch has not published a full, audited revenue figure in the public domain, but reporting indicates the business moved toward profitability: the company reported becoming profitable in Q4 2023 and tapped private credit in 2024 as part of a capital mix to support growth. That suggests Fetch’s combination of affiliate revenue, payments income, and analytics monetization is large enough to cover operating costs as it scales.
Note: valuations and funding totals are verifiable from public press releases and coverage; but exact annual revenue remains privately held.
Why Brands Pay Fetch (What Fetch Delivers to Partners)
Brands invest in Fetch because the app provides:
- Verified purchase events (receipt-level proof) rather than aggregated third-party signals.
- Incremental sales attribution — brands can measure how much lift promotions generate.
- A highly engaged consumer base that responds to offers and rewards.
- A closed loop: promotion → purchase → data → measurement.
For many consumer brands competing on in-store promotion effectiveness, that closed loop is very valuable.
User Economics — How Shoppers Benefit
Fetch’s user value proposition is simple: scan receipts, earn points, redeem for gift cards. Typical earn rates and promotions vary, but Fetch often pays 1,000 points per $1 on promoted items and runs frequent bonuses that accelerate point accrual. Point thresholds for redemption and a broad selection of gift cards make the app attractive for habitual shoppers — especially grocery buyers. The app’s referral incentives and regular promotions also boost retention.
Competitors & Market Context
Fetch competes with several loyalty and rewards players, each with different models:
- Rakuten (formerly Ebates) — cash-back via affiliate links for online purchases.
- Swagbucks — points for surveys, shopping and activities redeemable for gift cards.
- Honey / Honey Gold — couponing + rewards redeemable for gift cards.
- Shopkick — rewards for in-store actions (walk-ins, scanning) and purchases.
Fetch’s differentiator is receipt-based, brand-agnostic rewarding coupled with first-party purchase data, which makes it attractive to CPG marketers.
Risks & challenges for Fetch
Margin pressure — affiliate/referral economics are competitive; Fetch must demonstrate clear ROI to charge brands premium rates.
Privacy and regulation — consumer data use is sensitive; privacy rules and consent management are crucial.
Payment economics — interchange margins vary by card network and merchant, and are subject to fee changes. Fetch’s payments revenue depends on its card/issuer partnerships and transaction volume.
Competition — other loyalty solutions and retailer direct programs compete for the same brand dollars.
Is Fetch Rewards Worth it for Users?
For regular grocery shoppers and brand-loyal customers, Fetch is generally worth it: the time cost to scan a receipt is low and rewards compound over time, especially with promo stacking and referrals. For occasional shoppers, the ROI is smaller but still positive if you redeem points periodically.
Quick Checklist — How Fetch Creates Value (Summary)
- Users: earn points → redeem for gift cards (value).
- Brands: pay for promotions/conversions and get verified purchase data.
- Fetch: earns affiliate/referral fees, gains interchange income from card activity, and sells analytics/measurement.
FAQs
How does Fetch make money from receipts?
Fetch uses scanned receipts to verify purchases of partner brands; brands pay Fetch for conversions or promotional lift (affiliate/referral fees), and Fetch shares value with users as points.
Does Fetch really pay?
Yes. Users redeem points for gift cards and other rewards. Fetch publishes redemption options and processes redemptions regularly.
Does Fetch have a card and how does it make money from it?
Fetch offers a branded payment product; when users pay with the card, Fetch receives a slice of interchange or other payment-related revenue via its issuing partner arrangements. This creates a recurring revenue stream beyond affiliate commissions.
How large is Fetch’s user base?
Public reporting and company updates place Fetch in the multi-million monthly active users range; news coverage indicated 10M+ active monthly users and billions of receipt scans historically.
Did Fetch raise funding recently?
Fetch announced a $240 million equity + debt round in April 2022 at a valuation above $2.5 billion. The company also tapped private credit in 2024 to support expansion.
Daniel is a business writer focused on entrepreneurship, finance, and investment strategies. He shares practical insights to help professionals and business owners make informed decisions in a fast-changing market.