Moneysupermarket acquires cashback firm.
Austen Shakespeare

Moneysupermarket acquires consumer cashback firm for £101m has agreed to acquire 100 per cent of the issued share capital of a consumer cashback business for over £100m.

The cashback firm, Quidco, is being purchased from Maple Syrup Group Limited on a debt-free, cash-free basis.

The initial consideration is £87m in cash with a further £14m deferred.

The acquisition is expected to be earnings accretive in 2022. Quidco delivered revenue of £59.2m for the year ending 31 July 2021, with adjusted EBITDA growing year on year to £7.9m.

Quidco offers cashback at around 4,500 merchants including retail, travel and switching services with around one million transacting users.

Peter Duffy, CEO of 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.

“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.”

Paul Nikkel, founder & 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.”

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