Announced to the London Stock Exchange yesterday, Moneysupermarket.com has bought Quidco, a popular consumer cashback business, in a deal worth £101m.
Quidco is the second largest cashback business in the UK, it offers cashback at over 4,500 merchants, with around one million transacting users. Quidco is offered at retail, travel and switching services all across the country.
Peter Duffy who is the CEO of the Moneysupermarket Group, said: “Moneysupermarket Group exists to help households save money. Today we’ve added a broad and compelling cashback offer. We welcome Quidco: a profitable, successful business, with strong consumer engagement and high growth potential.”
Quidco delivered revenue of £59.2m between 2020-2021. They will benefit from key aspects of the Moneysupermarket.com platform, including data analytics and upgraded customer relationship management.
Duffy added that “We have experience of bringing complementary businesses into the Group and helping them thrive while sharing their capabilities more widely. Our growing stable of well-known and trusted consumer brands will provide households with an even more compelling savings offer. We look forward to working with Quidco to deliver this.”
As part of the deal Moneysupermarket.com will pay an initial £87m for Maple Syrup Media which is trading as Quidco and there is a further £14m deferred.
Paul Nikkel, founder and co-CEO of Quidco added: “As an early pioneer of cashback, Quidco has continually innovated to bring more cashback to more members. We are excited to continue this journey within Moneysupermarket Group which opens up more opportunities and savings for members.”
