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Cardlytics to Acquire Cashback Platform Dosh for $275 Million

As consumers have looked beyond credit rewards as an incentive to guide specific purchases, Dosh the Cashback platform designed to ‘positively impact people’s lives by moving billions of dollars to millions of people,’ answered the call.

Cardlytics announced today its planned acquisition of Dosh for $275 million in cash and stock. Founded in 2016 by Ryan Wuerch, the company grew quickly. Dosh is best known for creating a consumer app that provides cashback for millions of consumers from thousands of merchants. The Dosh app delivers an individualized consumer experience, providing the right offer to the right person at the right time, which has resulted in year-over-year growth in new brands leveraging its advertising platform to drive sales.

In the past year, Dosh expanded its product offering by enabling financial institutions, neo-banks, and fintech companies – like Venmo, Betterment, and Ellevest – to rapidly deploy its platform in their own digital channels to remain top of wallet with customers.

“Dosh’s technology is extremely complementary to the long-term financial institution integrations and substantial scale we’ve built over the past 13 years. With the addition of Dosh, Cardlytics will accelerate its ongoing efforts to improve the advertising industry through our brand-safe alternative, which provides superior returns based on actual purchases. This creates real value for consumers, advertisers, and our bank partners,” says Lynne Laube, CEO, and co-founder of Cardlytics. “I look forward to welcoming Dosh to the Cardlytics team and anticipate a smooth transition as we collectively advance our shared vision for the industry.”

With the scale of the Cardlytics’ advertising platform, an audience of more than 163 million monthly active users – alongside Dosh’s innovation, the companies will give advertisers the ability to engage with consumers through some of the largest financial institutions most notable neo-banks and fintech companies in the world.

Cardlytics aims to help marketers win new customers and drive loyalty. To date, the company has provided more than $500 million in cashback to consumers while also driving measurable results for its advertisers across a variety of industries, including retail, restaurant, telecommunications, direct to consumer, grocery, and travel.

“Dosh is focused on delivering an engaging cashback experience for consumers on behalf of advertisers and fintech partners,” says Ryan Wuerch, CEO and co-founder of Dosh. “Combining our technology with Cardlytics’ scale, we have an opportunity to drive significant revenue for our advertisers while putting money back in the wallets of consumers. We are excited to join the Cardlytics team and are looking forward to positively impacting consumers and merchants.”

Wuerch, a two-time Ernst and Young Entrepreneur of the Year Award winner, has a track record of taking companies from an idea through successful exits realizing a market value of over $1 billion. This is his third exit. Before Dosh, Wuerch was the founder and CEO of Solavei, a social commerce network that ASPIDER acquired in 2015, and the founder and CEO of mobile software company Motricity, a company that he took public in 2010.

The transaction is expected to close in Q1, 2021. Bank of America Securities is acting as financial advisor and Cooley LLP as legal advisor to Cardlytics.


  • Managing Editor, North America at The Fintech Times

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