Dosh powers PayPal’s Venmo and US challenger Jelli
Dosh, a fintech offering automatic cashback solutions, has landed customers in PayPal’s Venmo and US banking challenger Jelli.
The Texan fintech’s ‘Powered by Dosh’ connects brands and retailers with banks’ and fintechs’ customers.
Venmo has already gone live with Dosh, whilst Jelli will launch its cashback offering this month.
Loyalty management market
The size of the global loyalty management market sat at $2.47 billion in 2019.
It’s projected to reach $10.02 billion by 2027. That’s a compound annual growth rate (CAGR) of 19.9%, according to Business Fortune Insights.
COVID-19 has driven demand for loyalty management solutions like automated cashback. Nationwide lockdowns have shut down whole channels of customer retention.
“As consumers turn to the brands and payment options that provide the biggest rewards, financial institutions, neobanks and payment providers want to stay top-of-wallet,” says Dosh’s CEO and founder, Ryan Wuerch.
The fintech cites its own research, which found 80% of shoppers would visit a new store if it offered direct cashback. It also says 74% of Gen Z and 70% of millennials spend more money if they get cashback.
How the technology works
‘Powered by Dosh’ works like a transaction-based advertising platform. It promises easy integration without extensive backend management.
Its automatic card-linked cashback works via a software development kit (SDK) web application.
“Dosh’s expanded technology suite will allow Venmo users to discover and receive […] cash back offers from over 100,000 places directly in the Venmo app,” says Venmo’s head of growth, Kapil Mokhat.
The BaaS start-up anticipates its indirect user base to hit more than 60 million following a number of other, unannounced partnerships.