Riyadh - Sharikat Mubasher: The UAE-based startup CheckRewards plans to launch operations in Saudi Arabia during the second quarter of 2024 as part of its expansion plan which targets reinforcing the shopping sector in the Kingdom, Founder Artem Ostapenko revealed.

The company is currently aligning its goals and strategies to cater to the unique characteristics of the market, Ostapenko stated in an interview with Arab News.

CheckRewards, founded in 2023, harnesses machine learning to offer a cash-back service, supported by a $1.2 million investment from the global holding firm, Mitgo Group.

“In terms of client reach, our projections for CheckRewards’ growth and market share within the Saudi market over the next few years are ambitious. We anticipate a substantial expansion in our user base within the Saudi market, aiming for a two to threefold increase compared to the UAE market,” Ostapenko said.

Ostapenko added that the company has already started negotiations with two global players in the fintech space, aiming to close strategic partnerships soon.

The official added that CheckRewards is currently focusing on expanding its user base with a goal to allure a broad and diverse audience.

CheckRewards targets establishing partnerships with retailers, brands, and restaurants to offer users compelling incentives and promotions.