Mar 22, 2024 - Business

Digital rewards company Ibotta files for IPO

Kia Kokalitcheva

a repeating pattern of pixelated money surrounded by circles, triangles and cutouts of paper money — Illustration: Tiffany Herring/Axios

Ibotta, a Denver-based provider of cash-back rewards programs, has filed for an initial public offering on the New York Stock Exchange under the ticker "IBTA."

Why it matters: Reddit and Astera's IPOs this week have likely given confidence to tech and consumer companies.

By the numbers:

The company netted $38.1 million in profit on $320 million in revenue in 2023, up from a net loss of $54.8 million on $210.7 million in revenue in 2022.
In 2023, its 8.2 million "redeemers" (customers who have used its rewards) redeemed 256.2 million rewards, up from 141.4 million redemptions from 2.9 million redeemers in 2022.
For 2023, it had 31.1 redemptions per redeemer, down from 48.7 in 2022. Its revenue per redemption was $0.95 in 2023, down from $0.98 in 2022.

Shareholders with at least 5% include: Clark Jermoluk Founders Fund (led by Silicon Valley vets Jim Clark and TJ Jermoluk), Koch Industries, and Walmart.

Flashback: The company last raised money in August 2019 at a $1 billion valuation in a deal led by Koch Disruptive Technologies.

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Digital rewards company Ibotta files for IPO

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