Bryan Leach, the CEO of Ibotta, stopped by 9NEWS to share some insight on the new app.
"We found a way to pay consumers cash just for buying their favorite products in a grocery store," Leach said.
Once the app is downloaded to your iPhone or iPad, you can start choosing offers. Money can be earned by taking a poll, watching a video or looking at a recipe. Any of these actions will earn the consumer money upon purchase. Leach explained how his app stands out from other companies.
"Ibotta is different because it does pay cash - not credit or points," Leach said.
As soon as you purchase a product, scan its barcode through the Ibotta app. Once the purchase is made, take a photo of the receipt through the app. Within 24 hours, money will be placed into your Ibotta account. Once $5 is reached, the money can be loaded to a PayPal account or be donated to any school in the U.S. Currently, the app is only available to connect with Target, Walmart and Walgreens, but more stores are expected to be added. Leach talked about his long-term expectations for the company.
"It's a program we think can raise hundreds of thousands of dollars here in Colorado and [we are] very excited to be working with the mayor's office, and a number of schools in Colorado to support this program," Leach said.
The app can also be shared and - for each referral - $1 is added to your account. The referral link appears in the app menu once it is downloaded and registered to your device. For more information, you can go to https://ibotta.com/register?friend=WXkfA.
Nate Chisholm contributed to this report.
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