Fetch makes money from brands, not from users: consumer goods, restaurant and retail brands pay it to reward shoppers with Fetch Points for buying or engaging with their products. Shoppers scan paper or digital receipts in the free app, which gives Fetch item-level data on what people buy; Fetch calls itself both a rewards app and an outcomes-based advertising platform. The company, led by founder and CEO Wes Schroll and based in Madison, Wisconsin, is private; it said its annual revenue run rate reached $500 million in the fourth quarter of 2024.
Brands fund bonus Fetch Points on their products. Fetch is paid by the brand, and the points are redeemed by users for gift cards, merchandise or charitable donations.
02
Advertising formats
Fetch sells media inside the app, such as rewarded video launched in August 2026, which advertisers pay for per completed view, and targets it by verified purchase behaviour.
03
Data and insights
Receipts give Fetch what it calls SKU-level visibility into $212 billion of gross merchandise value a year. It sells insight tools such as FAST, an AI query platform announced in September 2025.
04
Commerce and payments
Fetch Shop lets users earn points when they buy from partner merchants in the app; Fetch said it had 250 merchants and over 800,000 active users in March 2025. A co-branded Fetch American Express card, announced in August 2025, rewards users for how they pay.
What changed in 2025-26
Growth figures
In March 2025 Fetch said its annual revenue run rate reached $500 million in the fourth quarter of 2024, up 65% year on year, and that monthly active users had grown to 12.5 million. As a private company it publishes no audited accounts.
Natural-language AI for brands
In September 2025 Fetch announced FAST (Fetch AI Semantic Technology), powered by OpenAI, which lets marketers ask questions such as which brands gained share with a group of shoppers, then act on the answer with targeted media.
Purchase data off the app
In June 2026 Unity and Fetch said advertisers can use Fetch’s purchase-based audiences across Unity’s mobile gaming inventory. Fetch said users submit more than 13 million receipts a day.
In September 2025 Morgan Stanley Private Credit upsized its senior debt facility to Fetch to $110 million, which Fetch said would fund user growth and its AI and machine learning work.
Fetch's revenue lines
Brand offers
CustomerConsumer goods, restaurant and retail brands
What Fetch saysBrands fund points to acquire and retain shoppers
Rewarded video
CustomerAdvertisers
What Fetch saysPriced on completed views (launched August 2026)
Insights (FAST)
CustomerBrand marketers and planners
What Fetch saysNatural-language queries on purchase data (beta from Q4 2025)
Fetch Shop
CustomerPartner merchants
What Fetch says250 merchants, over 800,000 active users (March 2025)
Fetch Card
CustomerCardholders, with Imprint and First Electronic Bank
What Fetch saysExtra points on card spending (announced August 2025)
What it means for you
Brands: buy outcomes, not impressions; ask for incremental sales measured against a control group before scaling a rewards campaign.
Builders: a reward can be the price of data; Fetch pays users in points so it can sell verified purchase data and targeting to brands.
Marketers: purchase-based audiences now travel outside the app, as with the Unity deal, so compare them with retailer media networks.
Users: points are funded by brands that want your purchase history; read what data you share and how it is used.
Investors: treat run-rate figures from a private company as unaudited, and note that growth is partly funded by debt.
The Business Engineer lens
Fetch turns receipts into a cross-retailer purchase graph, the kind of first-party data that AI-driven targeting and measurement need and that retailers usually keep to themselves. The Business Engineer’s view is that owning verified purchase data is the defensible layer, and AI tools like FAST make that data easier to sell.
Brands pay Fetch to reward shoppers with points for buying their products and to advertise in the app; Fetch also sells purchase-data insights and earns from its shopping and card products.
Is Fetch Rewards free for users?
Yes. Users scan receipts for free and redeem the Fetch Points they earn for gift cards, merchandise or donations; brands fund the points.
How big is Fetch?
Fetch said in March 2025 that its annual revenue run rate was $500 million in the fourth quarter of 2024 and that it had 12.5 million monthly active users. It is private and does not publish audited results.
What data does Fetch collect?
Item-level purchase data from scanned receipts; Fetch says this gives it visibility into $212 billion of gross merchandise value a year.
The complete explainer, cleaned up and reformatted for mobile.
Correction (10 Oct 2026): an earlier section on this page showed unsourced figures; it has been removed.
Fetch Rewards is a private company that has raised significant venture funding and was most recently valued at $2.5 billion, a valuation it announced in 2022, according to CNBC in July 2025, but does not publicly report detailed financial metrics like revenue or profitability. The company said in March 2025 that it had grown monthly active users on its receipt-scanning rewards platform to 12.5 million, but specific financial performance data remains confidential as a private entity.
Updated 6 October 2026: we refreshed 6 figures on this page, now taken from cnbc.com, prnewswire.com, business.fetch.com and nasdaq.com. Anything we could not check against a current source keeps its original year, so you can see how old it is.
Latest figures · checked 6 October 2026
Fetch said in March 2025 that it had grown monthly active users to 12.5 million. prnewswire.com
Fetch says on its About Us page that it has SKU-level visibility into $212 billion in gross merchandise value annually. business.fetch.com
In a 2025 press release, Fetch said its users submit 11 million receipts per day and have earned more than $1 billion in Fetch Points. nasdaq.com
According to CNBC in July 2025, Fetch was most recently valued at $2.5 billion, a valuation it announced in 2022. cnbc.com
Fetch Rewards is a rewards app enabling users to earn rewards in exchange for scanning their receipts. Co-founder Wes Schroll got the idea for the company after imagining a world where companies would be required to demonstrate their loyalty to consumers.
The Fetch Rewards business model is certainly nothing new, but it has made the process of earning rewards more simple. Whatโs more, users can earn points from virtually any store or gas station.
Aspect
Description
Data Collection and Insights
Fetch Rewards collects valuable purchase data from users when they scan their receipts. This data includes information about the products, brands, and retailers that users are purchasing from. Fetch Rewards anonymizes and aggregates this data to create insights and trends that are highly valuable to consumer packaged goods (CPG) brands and retailers. Fetch Rewards can then sell these insights and data to these brands, helping them make informed marketing and product development decisions.
Sponsored Offers and Promotions
Fetch Rewards partners with CPG brands and retailers to offer users sponsored offers and promotions within the app. These brands pay Fetch Rewards to promote their products or offers to users. When users redeem these offers by purchasing the promoted products, Fetch Rewards earns a fee from the brand or retailer. This creates a win-win scenario where users save money on products, and Fetch Rewards generates revenue.
In-App Advertising
Fetch Rewards may feature in-app advertising from third-party businesses and brands. These advertisements can include banner ads, video ads, or interactive ads displayed within the app. Advertisers pay Fetch Rewards for ad placements to reach its user base. Revenue is generated from these advertising partnerships, contributing to Fetch Rewards’ income.
Market Research and Surveys
Fetch Rewards may offer users opportunities to participate in market research surveys and studies. CPG brands and market research firms pay Fetch Rewards to conduct these surveys and gather consumer opinions and insights. Users who participate in these surveys can earn additional rewards, and Fetch Rewards generates revenue from the research services provided.
Affiliate Partnerships
Fetch Rewards may establish affiliate partnerships with e-commerce platforms or retailers. When users click on affiliate links or make purchases through partner websites, Fetch Rewards can earn a commission or referral fee for driving traffic and sales to those platforms. This provides an additional revenue stream for Fetch Rewards.
Challenges and Competition
Fetch Rewards operates in a competitive space with other receipt-scanning and reward apps. Staying relevant and competitive, ensuring user engagement, and maintaining data privacy and security are ongoing challenges. Addressing user concerns related to data usage and ensuring the quality of survey data are also significant considerations.
Future Growth Strategies
Fetch Rewards’ future growth strategies may involve: – Expanding User Base: Attracting more users to the platform to increase the value of its consumer data. – Enhancing User Experience: Improving the app’s features and user interface. – Data Monetization: Leveraging its data insights to secure more partnerships and data-driven revenue streams.
Key numbersChecked 6 October 2026
$212 billionFetch says on its About Us page that it has SKU-level visibility into $212 billion in gross merchandiseโฆbusiness.fetch.com
$1 billionIn a 2025 press release, Fetch said its users submit 11 million receipts per day and have earned more thanโฆnasdaq.com
$2.5 billionAccording to CNBC in July 2025, Fetch was most recently valued at $2.5 billion, a valuation it announced inโฆcnbc.com
$185,000In the second half of the school year, 19-year old Schroll partnered with Tyler Kennedy, with the pairโฆThis article
In one lineFetch Rewards is a private company that has raised significant venture funding and was most recently valued at $2.5 billion, a valuation it announced in 2022, according to CNBC in July 2025โฆ
FourWeekMBABusiness EngineerAt a glance
The company attained unicorn status after raising $210 million in Series D funding in March 2021, with plans to expand internationally and into other verticals such as quick-service restaurants.
Fetch describes itself as both a rewards app and an outcomes-based advertising platform: brands pay it to reward shoppers with Fetch Points.
Layout and figures refreshed 6 October 2026. Sources are listed at the end of the article.
Why it mattersFrom the article
The affiliate model is beneficial for many brands, with some enjoying platform exclusivity and others appreciating transparent consumer purchasing data.
Origin story
Fetch Rewards is a rewards app enabling users to earn rewards in exchange for scanning their receipts.
The platform was founded in 2013 by Tyler Kennedy, Daniel Litvak, and current CEO Wes Schroll.
The idea for Fetch Rewards came while Schroll was a student at the University of Wisconsin-Madison.
In the summer after his freshman year, Schroll said goodbye to university dining halls and meal plans and began stocking his own fridge and pantry.
In the process, he started receiving promotional deals from companies that wanted to reward him for his business.
Schroll wondered if he could flip this traditional businessmodel, imagining a scenario where companies would be required to jump through hoops to prove their loyalty to consumers.
This would be facilitated via an app in which consumers would scan their grocery receipts and receive points when they made a purchase from a partnering brand.
In the second half of the school year, 19-year old Schroll partnered with Tyler Kennedy, with the pair raising $185,000 in cash, office space, and legal services in just over six weeks.
The company attained unicorn status after raising $210 million in Series D funding in March 2021, with plans to expand internationally and into other verticals such as quick-service restaurants.
Fetch rewards business model
As stated earlier, Fetch Rewards is a shopping app that compensates consumers for scanning their receipts.
This is not a new concept, but the company has managed to make the process more simple to encourage user uptake.
Users can take a quick photo with their smartphones or use the appโs eReceipt button to earn points.
The app also has exclusive deals where shoppers can earn more points and there are no limits on how much a shopper needs to spend to qualify.
Purchases can be made from virtually any drug, grocery, liquor, hardware, or pet store. Gas stations are also part of the scheme.
Once a certain number of points have been accrued, users can exchange them for gift cards from participating stores such as Target or Amazon.
For every 1,000 points accrued, the user earns approximately $1.
FourWeekMBABusiness EngineerTimeline, as stated in the article
2013
The platform was founded in 2013 by Tyler Kennedy, Daniel Litvak, and current CEO Wes Schroll.
2017
The app was eventually launched four years later in 2017.
2021
The company attained unicorn status after raising $210 million in Series D funding in March 2021, with plans to expand internationally and into other verticals such as quick-service restaurants.
2022
According to CNBC in July 2025, Fetch was most recently valued at $2.5 billion, a valuation it announced in 2022. cnbc.com
Fetch Rewards revenue generation
Fetch describes itself as both a rewards app and an outcomes-based advertising platform: brands pay it to reward shoppers with Fetch Points for buying or engaging with their products.
Letโs take a look at this approach in more detail below.
Affiliate commissions
Fetch Rewards is compensated by partnering brands whenever a shopper purchases one of their products on the platform.
The affiliate model is beneficial for many brands, with some enjoying platform exclusivity and others appreciating transparent consumer purchasing data.
Key Highlights
Origin and Founders:
Fetch Rewards is a rewards app where users earn rewards by scanning receipts.
Co-founded by Wes Schroll, Tyler Kennedy, and Daniel Litvak.
Wes Schroll got the idea while imagining a world where companies demonstrated loyalty to consumers.
Simplified Rewards System:
Fetch Rewards makes the process of earning rewards simple by allowing users to scan receipts from any store or gas station.
Users earn points for each receipt scanned, which can be exchanged for gift cards.
Growth and Unicorn Status:
Rapid growth during the pandemic with over 7 million active users scanning 50 receipts per second.
Became a unicorn company after raising $210 million in Series D funding in March 2021.
Fetch Rewards Business Model:
Users earn rewards by scanning receipts using their smartphones.
App provides exclusive deals and no spending limits for earning points.
Purchases from various stores, including drug, grocery, liquor, hardware, pet stores, and gas stations, are eligible.
Revenue Generation:
Fetch Rewards operates on an affiliate business model.
Generates revenue through affiliate commissions paid by partnering brands when users purchase their products on the platform.
Expansion and Future Plans:
Plans to expand internationally and into other verticals, such as quick-service restaurants.
Offers a platform for brands to reward and engage with consumers while gaining insights into purchasing data.
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Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
