Admitad buys CheckScan receipt scanning service
Admitad company has acquired the CheckScan receipt scanning service in order to boost its smart shopping services. How will CheckScan help customers, and what are Admitad’s owners expecting from the new project?
CheckScan is a free QR code scanner for receipts that connects hundreds of thousands of consumers across Russia. CheckScan also analyzes user spending and searches for better prices across a number of stores. It currently processes over 2 million receipts a day.
The service is currently only available in Russia. Its partner stores include FMCG retailers such as the X5 Group, VkusVill, Krasnoye & Beloye, Sbermarket, Auchan, Metro Cash & Carry, and others.
Admitad purchased a 25% share in CheckScan in 2019, drawn by its existing resources and its great potential in the up-and-coming area of smart shopping, as well as by the opportunity for Admitad to expand its FMCG customer segment. CheckScan had initially been a regular partner on the Admitad Affiliate platform.
“The smart shopping trend is developing at a breakneck pace both in Russia and around the world. This is less a result of post-pandemic economic turbulence than a sustainable change in consumer behavior. Consumer consciousness and, accordingly, behavior is becoming more rational. Consumers now search out top-quality products and are ready to spend money they’ve set aside especially for those purchases. CheckScan and its growth strategy will allow us to help end-users make purchases with maximum efficiency. We believe in the project and the team, so we decided to purchase 100%. I’m proud to introduce Artem Ostapenko who will be in charge of this area at Admitad” – Alexander Bachmann, Founder and CEO of Admitad.
“We are creating a single entry point into the world of smart shopping for customers. CheckScan represents the beginning of Admitad’s smart shopping ecosystem.” – Artem Ostapenko, CEO of CheckScan.
Former CheckScan CEO Vlad Vernigora will continue developing the project as its CTO.
The CheckScan team currently numbers 25 employees. Its near-term plans include implementing a number of updates to the app that will make it possible to accommodate up to 80% of all promo offers in the market, increasing the cashback rate, and adding more withdrawal opportunities for users. Within the next three to four years, CheckScan hopes to enter new markets.