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Cashrewards’ three way win model


Cashrewards’ three way win model

Cashrewards (ASX:CRW) is an Australian-owned and operated cashback loyalty platform connecting brands with consumers and differentiates itself by providing real cash value to consumers. Having listed on the ASX in December 2020, Cashrewards has been around for seven years and the platform has grown to 800,000 members, more than 1,500 merchants.

Loyalty in the form of cashback in Australia currently has a low 3-4 per cent penetration in terms of the total retail sector, with this being as high as 20-30 per cent in the US and UK. The Cashrewards IPO enables the company to invest in market awareness to scale the business across both customers and merchants to increase its market share.

Bernard Wilson CEO of Cashrewards identifies the company’s three-way win model where the more customers save, the more they transact with merchants, driving more transactions on the Cashrewards platform.

“The real value in the business is that we are creating value for both customers and merchants. From a merchant perspective, they invest directly into the customer relationship. In the online space we see that 60 per cent of customers that we connect with brands, create an account with those brands which then allows them to foster that relationship and build long-term loyalty. We ultimately benefit in the middle from driving more value to customers and brands.” Bernard Wilson, Chief Executive Officer

You can also read our earlier article on why we participated in the Cashrewards IPO and watch the second video of this series here:


The Montgomery Small Companies Fund  owns shares in Cashrewards. This video was prepared 02 February with the information we have today, and our view may change. It does not constitute formal advice or professional investment advice. If you wish to Cashrewards you should seek financial advice.


Gary Rollo is the Portfolio Manager of the Montgomery Small Companies Fund. Gary joined Montgomery in August 2019 after spending three years at MHOR Asset Management in Sydney as a Founder and Portfolio Manager. Prior to this, Gary was a Portfolio Manager at Renaissance Asset Manager in Sydney for six years. Before moving to Australia, Gary spent five years in London running Morgan Stanley’s Technology Sector Equity Research Team, as well as two years covering technology companies for JP Morgan.

This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.

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  1. Thanks Gary, for highlighting this interesting and innovative company. The thing I didn’t get a good idea about was how they are going about gaining awareness among consumers? Obviously merchants are aware given the good list of companies you documented here. I’ve asked people have they heard of this program and few say they know of it, though it clearly is attractive. How are they promoting it? Looking at it another way, what makes a merchant want to promote this awareness over their own loyalty program (the likes of Dan Murphy or Woolworths)?

    • Hi David,

      Thanks for the considered questions. Gary will be recording a second video in the next week, on the same subject and you’ll have your answer. keep an eye out for it.

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