ANZ-backed online shopping cashback platform Cashrewards has shut down.
The company announced its demise on Monday afternoon with a notice saying “From 12pm AEST, Monday, 8 September 2025, Cashrewards ceased making offers available on its Website, App and Notifier.”
Customers received an email around two hours after the shutdown, with the headline “URGENT: Cashrewards is closing – claim your cashback now”.
The closure comes amid turmoil at ANZ under new CEO Nuno Matos, who’s currently on a cost cutting and firing spree that saw the bank gain notoriety last month when an automated email went out telling staff they’d been made redundant before they’d been officially told.
Earlier today, it emerged that ANZ-backed venture firm 1835i, which has invested in Cashrewards, sold a $67 million stake in Airwallex ahead of the fintech’s IPO, just five years and less after the investments.
The sell down and Cashrewards closure suggest ANZ’s support for 1835i is also coming to an end, leaving the future of the fintech VC unclear. Startup Daily has contacted both 1835i and ANZ for comment.
Startup Daily understands that the rewards fintech had not performed to the expectations of its investor.
Cashrewards, founded by Andrew and Lorica Clarke in 2014, listed on the ASX in December 2020 at $1.73 a share in an IPO that raised $65 million. But it was a short and sweet public life. Within 12 months 1835i Ventures, which already had a 19% stake in Cashrewards that cost it $26 million, lodged a takeover bid worth $72.5m at $1.135 per share, a 35% discount, and took the company private once again in January 2022, having spent around $100m.
Andrew Clarke and Chris Gardner from Cashrewards in 2016, when the fintech featured in the Deloitte Fast 50.
Last year, Cashrewards acquired online retail deals marketplace Little Birdie just two months after its shut down. At the time, Cashrewards CEO Anthony Seymour-Walsh said the deal was “a major win for consumers” and part of ambitions to create the ultimate shopping companion.
This time 12 months ago, almost to the day, Cashrewards announced a partnership with the ANZ Plus app so customers can access Cashrewards offers to spend and save from within their ANZ Plus app.
Anthony Seymour-Walsh said at the time that: “We’re proud of our partnership with ANZ and the new Cashrewards integration to the ANZ Plus Add-On experience.”
Now, the fintech is telling everyone to head for the exit slides.
“Please withdraw your funds by 11:59am AEDT on Friday, 24 October 2025. To withdraw your funds simply click Withdrawal in My rewards,” the website says.
The fintech had ambitions to take on Afterpay for the hearts and minds of shoppers, offering its service for free while taking commission from the seller.
Buyers scored between 3% and 6% of the sale price as the cashback discount. Retailers ranging from Chemist Warehouse, Cotton On, Target and even Amazon were on the roster.
There’s also an intriguing note on the site for anyone with a Cashrewards balance above $5000, saying “if we suspect illegal, fraudulent, deceptive or dishonest conduct in connection with your account” users “must provide us with “know your customer” (KYC) information as requested by us”.
Those customer have until December 10 to respond or “you will not be able to submit a request to withdraw your Rewards.”
We’ll update this story if we hear back from ANZ or 1835i.
Source: cashrewards.com.au
