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<p>Wes Schroll founded Fetch, formerly Fetch Rewards, while a student at the University of Wisconsin in 2013 as a way to make shopping rewards easier. Today, the app, launched in 2017, is No. 1 in the rewards category in the U.S, with 17 million monthly active users and 7 million daily active users across 11 million U.S. households. Shoppers have uploaded more than 2 billion receipts to date.</p><p>While inflation and <a href="https://visionfund.com/insights/finding-opportunity-in-cooling-market-conditions">economic volatility</a> have been headwinds for many high growth companies, Fetch’s appeal with cost-conscious consumers has only gained momentum. “We blew away our growth targets for 2022,” says Schroll.</p>

<h2><strong>Shopping rewards is a category that was well established and competitive long before you founded Fetch. Why move into such a crowded market? </strong></h2><p>Everyone, from a very young age, has been told they should save money. But no one actually likes doing it. We help them by saying, “Hey, you can scan any receipt. And every time you scan a receipt, you&#039;re going to earn something.” </p><p>We worked to remove as much friction as possible from what we were asking the consumer to do. We wanted something that was going to be fun and engaging, something you&#039;re doing for yourself as a thank you for the hard work of providing food for your family. </p><p>And then Fetch will help you maximize points over time by introducing you to brands that will reward you even more. I think we’ve kind of cracked the code on something that has mass appeal and that people are enjoying using on a near-daily basis.</p><h2><strong>Given how crowded this market was, many entrepreneurs might have looked elsewhere. What insight convinced you there could be room for you, and what role did technology play in that equation?</strong></h2><p>I had to actually experience the friction myself. When I moved out of my freshman year dorm, I was clipping coupons, looking at weekly circulars, managing loyalty programs. After a few months, I realized I was participating in — I kid you not — 25 or 30 different tactics. And it just seemed crazy to me. I came at it from a very selfish consumer perspective, which is I just wanted saving money to be easier. </p><p>We developed a business plan at the end of my sophomore year, but we ran into the challenge of how you confirm a purchase. Eventually, new cameras on smartphones were strong enough to scan receipts, so we launched Fetch Rewards in 2017. </p><p>Around three years ago, consumers began asking us how to get credit for the purchases they made on Amazon or Walmart.com. We rolled out a feature that can link their email or their Amazon account directly. They could open the app and press a button, and it would automatically pull in any transaction that would earn points. We saw an explosion in usage throughout the pandemic. </p><h2><strong>Establishing relationships with brands was critical to your model. What did it take to do that successfully?  </strong></h2><p>It was definitely a challenge. For us, it was very much about selling the future. We found partners who wanted to be viewed as true innovators in consumer-packaged goods. Those companies are always trying to find a way to stand out. </p><p>The missing ingredient was a large enough data set to understand what one consumer does across retailers. The Wes Schroll captured by a CVS Pharmacy loyalty program isn’t linked to the Wes Schroll who’s captured by a loyalty program from Kroger, the giant grocery chain. And that ingredient is what allowed us to really be different, because everyone else in the market was playing by the same rules. Brands became willing to bet on us even before we had a large audience. </p><h2><strong>Engagement on the app is massive. What strategies have you used to make it so?</strong></h2><p>First, we make it ubiquitous. We continually tell the consumer they will get rewarded any time they scan a receipt. Second, we make the process fun and hopefully memorable. We introduced confetti flying around. And as you scan more receipts, you unlock these little creatures and watch them get into mischief. So you start developing an emotional connection to a quick moment of fun every time you scan a receipt. </p><p>Third, we make sure the end payout for this work has an emotional connection, even if it’s months down the road. If you’re putting your budget towards providing the basics for your family, the points feel like they are truly yours, something you don&#039;t feel guilty about whatever you choose to redeem them on. That was a very key decision for us because it makes you tied to the long-term outcome. </p><h2><strong>Many companies overlook the Spanish-language market in the U.S. What convinced you to launch a Spanish version of the app this year? And what have you learned since? </strong></h2><p>We saw a large portion of our consumers who primarily have their phones set to Spanish and aren’t being served in an authentic way. If we want to grow to 40 or 50 million monthly active users, we need to create an experience that won’t alienate or feel inauthentic to a large portion of users. So everything from ads down through to our support team is now fully in Spanish. We have almost 2 million consumers who already are using it in Spanish mode, and those consumers are referring more friends. It involved a lot of work that can also get the platform ready for internationalization. </p><p>Demographics are often used as a proxy to determine who’s most likely to buy your product, but the only thing that’s a much better signal is purchase behavior. Almost all our targeting is based upon purchase behavior. If you love Cheerios, we don’t really care what language you speak. </p><h2><strong>Inflation has caused many households to pinch pennies. How is that affecting Fetch?</strong></h2><p>We’re fortunate that we’ve been countercyclical. Saving is top of mind with consumers these days, and many of them are coming to us organically or are sharing the app with their friends and family because it’s so topical. Even though a lot of client budgets are shrinking, we’re getting a larger share of them. But we have to fight for that.</p>

CEOs face a new set of challenges, but see light at the end of the tunnel

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Fetch: From startup to category leader in a crowded market

Founder and CEO Wes Schroll cracked the formula for shopping rewards success before the pandemic. Inflation has supercharged the business.

Thirteen countries, one culture

CEOs face a new set of challenges, but see light at the end of the tunnel

The strength of 450+ leading tech companies—direct to your inbox

Fetch: From startup to category leader in a crowded market

Founder and CEO Wes Schroll cracked the formula for shopping rewards success before the pandemic. Inflation has supercharged the business.

Thirteen countries, one culture

CEOs face a new set of challenges, but see light at the end of the tunnel

The strength of 450+ leading tech companies—direct to your inbox

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