349: The Tech Startup Story Behind Ibotta (Cash Savings, Rewards & Coupons App)
Ibotta (“I bought a…”) was launched in Denver back in 2012 and now, with more than 400 employees, 23M downloads, nearly $100M in funding, and partnerships with Anheuser-Busch, Target, Wal-Mart and 1500 other brands. The company is focused on getting millennials to start shopping brick and mortar and help stop the wave of retailers closing physical locations. But, it’s the story behind this success that is inspirational.
CEO, Bryan Leach – graduated from Harvard, went to Oxford on Marshall Scholarship and then got his law degree from Yale in 2005. Then after a year clerking for US Supreme Court Justice David Souter and joining a Denver law firm, he quit law after he saw someone on an airplane taking pictures of business cards with a phone.
The observation made him realize that people would rather take pictures of shopping receipts to “coupon” after they buy something than the other way around. Ibotta was born and is now the biggest consumer tech company in Denver, and the third most-used shopping app in the U.S.
The company is transforming the shopping experience by making it easy for consumers to earn cash rewards on everyday purchases through a single smartphone app. The company partners with leading brands and retailers to offer rewards on groceries, electronics, clothing, gifts, home and office supplies, restaurant dining, and more.
Having worked with eBay, Drizly, Jet.com, Pumaliterally every brand, to better engage consumers with their phone and get them back into physical stores. To date, they’ve given users more than $225M cash back. I invited Ibotta CEO, Bryan Leach onto my podcast to learn more about the story behind Ibotta’s success and the future vision for the company.