Finder Group acquires cashback platform Grow My Money
Finder Group, owner of comparison website Finder, have confirmed the acquisition of retail spending cashback platform Grow My Money.
The Grow My Money platform enables retail consumers to receive cashback from purchases made at various local partner retailers, including Myer, Big W, and Virgin Australia. More than 1,000 Australian retailers are currently partnered with the scheme.
The platform links consumers’ Visa or Mastercard credit or debit cards to their Grow My Money account to enable the automated cashback facility.
Cashback funds (which average around 2% of total spend, and are funded directly from the retailer) are paid automatically into the user’s nominated mortgage account, superannuation fund or SMSF. This is enabled through a proprietary payment system developed in-house by Grow My Money.
Finder CEO Frank Restuccia (pictured left) welcomed the acquisition as an “exciting opportunity”, recognising the platform’s “significant potential for further expansion”.
“The Grow My Money team have successfully built a loyal customer base experiencing a boost to their long-term financial position without paying an extra cent from their [paycheque].”
While sharing resources, the Grow My Money brand and workforce will operate independently of Finder.
Founded in 2019 as ‘Super-Rewards’, the platform was established with the goal of bridging the gender superannuation gap. The service was later expanded to include the option of cashbacks to mortgage accounts.
Currently, women make up nearly two thirds (66%) of the Grow My Money member base. On average, Grow My Money members make around $280 in purchases each month through the service, equating to an average of around $5.60 in monthly cashback returns (or $67.20 each year) based on the 2% cashback average (though partner retailers can offer up to 15% cashback).
While “created with women in mind”, Finder said, the cashback service is open to all Australians aged between 14 and 75.
Finder data reveals that more than one-third (34%) of women remain uncertain they will have enough super by retirement (versus 22% of men), while just 11% of women feel confident they will have enough funds to live comfortably in retirement.
Grow My Money‘s Founder Pascale Helyar-Moray (pictured right), a JP Morgan AM and BT Financial alum and former board member of the Australian Gender Equality Council, underscored the increasing financial insecurity faced by many Australians, with recent cost of living pressures accelerating the gender wealth gap.
With more than 40% of working age women not in paid work at any single point in time, Helyar-Moray notes the significant divergence in super savings between men and women.
“The super balances of women don’t accurately reflect their extremely valuable contribution to society. No woman should be facing financial stress in retirement,” she said.
Helyar-Moray added, “It’s unrealistic to think you can cut back all spending, but pairing sound budgeting with monthly top-ups can get you further ahead than you might think.”
