Earlier this month AB Capital Group, the owner of international affiliate network Admitad, announced an investment of $3 million in cashback service company LetyShops.
Founded by Ukrainian entrepreneurs in 2015, LetyShops is now headquartered in Hungary. Its service is available in seven languages, claiming a total of 2400 online shops and 12 million users. It stands as “one of the top cashback providers in [Russian-speaking countries] and shows dynamic growth in Western Europe and other regions.”
The company is now developing across Spain, Germany, Poland, Latin America and India, and intends to launch its service in new markets.
LetyShops expects its revenue to “grow by another 30% and hit $30 million” this year, and to raise another round of investment “in the first half of 2021 approximately.”
These capital injections will “boost company growth” and ” consolidate the company’s progress in the multiple digital markets.”
Admitad, a Germany-based company with Russian roots, delivered $5 billion in advertisers’ revenue last year — largely owed to the US, UK, Germany, France, Poland, Brazil and India.