Admitad owner invests $3M into LetyShops to support the service’s claim for new regions
LetyShops cashback service has been given a $3M investment from the AB Capital Group. The investment will increase the holding’s share in one of Eastern Europe’s leading cashback service providers. Previously, the holding invested in LetyShops in 2016, after the service’s explosive growth in both active users and sales.
- LetyShops is a good stepping stone to assist Admitad to launch in the new markets.
- The investment diversifies the holding’s net revenue – by delivering extra income as publisher rewards.
- Letyshops is a partner exclusive to Admitad, all the more reasons for advertisers to join the affiliate network.
- Ownership gives Admitad more leverage over Letyshops and helps it boost CPA performance for advertisers that are key to the affiliate network’s long-term development.
- Finally, it is a perfect training area for Admitad to test its tools on a big audience.
“Our strategy is to continue with the fast-paced growth in Spain, Germany, Poland, Latin America & India as well as launch in the new markets. Letyshops generates $10 million in GMV monthly for its partners and expects this figure to grow dramatically after raising funding from Admitad. To achieve this goal, we will invest in marketing and development of new products so we can help our advertisers increase sales and acquire new users”, – Letyshops CBDO Sergey Korneyev says.
The cashback provider’s plan to draw funding does not stop at that. The service is expected to get another round of investment approximately H1 2021. That money will also serve to push forward and consolidate the company’s progress in the multiple digital markets.
LetyShops has already claimed the throne as one of the top cashback providers in CIS and shows a dynamic growth in Western Europe as well as other regions, so the investment comes as an extra boost to enhance this advancement. In 2020, the LetyShops revenue is expected to grow by another 30% and hit $30 M.