Cashback platform makes Swedish acquisition

X The Business Desk

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Stafford-based Top Online Partners Group, Europe’s leading cashback platform, has agreed a deal to acquire the Nordic market leader in cashback sites.

Top Online Partners Group has taken a large minority ownership in Refunder and will gradually take over 100% of the business over a three-year period.

Refunder was founded in 2014 in Stockholm, Sweden, with the ambition to establish the cashback model in the Swedish market.

Today, Refunder has over 600,000 members and close to 1,000 well-known retailers on Since 2018, Refunder has expanded its operations into Poland.

Top Online Partners Group, which owns brands including TopCashback, was established 16 years ago.

With more than 15 million members worldwide, the cashback shopping site helps users to save as much money as possible on their shopping by offering money back on everything they buy from the site.

Since its launch, the business has expanded to become one of the largest cashback companies in the world, having achieved No. 1 status in the UK and launching in the USA, China, Germany and India, as well as establishing a successful white label business.

The deal sees eEquity, Bonnier Ventures and management announcing a full exit from Refunder.

Ulrika Saxon, CEO of Bonnier Ventures and chairperson of the board of Refunder, said: “We invested early in Refunder, in 2014, and have seen the company grow steadily and successfully into its position as a Nordic market leader. We are impressed by the strong management team, and this step is proof of their hard work and impressive performance. We look forward to welcoming TopCashback as a new investor with great relevance around the cap table.”

Fredrik Ohlsson, CEO and co-founder of Refunder, added: “Becoming part of the TopCashback Group, one of the largest cashback businesses in the world, gives us an enormous strength in the Nordic market. We will now be able to attract even more high-end merchants to our platform, and the offer to our members will be far better than anything else on the market. We have many super cool features that will be launched on the platform during the coming year.”

Investment bank GCA Altium advised Refunder.

Martin Larsson, managing director at GCA Altium, said: “We are pleased to have supported the Refunder team and shareholders, helping them navigate the uncertain market landscape during the COVID-19 pandemic.

“We look forward to seeing how this new alignment with Top Online Partners Group progresses further in the future as the company expands its geographical reach and network. This deal marks the latest in a string of cross-border transactions for GCA Altium in recent months.”