Cashback platform Cashrewards ceased operations on September 8, surprising many in the industry and leaving a gap in Australia’s money-saving market.

As one platform closes, another is seizing the opportunity: Australia’s TopCashback is setting its sights on further growth.

In an interview with RetailBiz, Eniola Ogunbanwo, Senior Manager of International Growth at TopCashback, shared her perspective on Cashrewards’ closure and outlined the company’s plans for Australian consumers.

From Ogunbanwo’s perspective, the impact of Cashback’s closure on consumers and the cashback industry in Australia is unfortunate for the industry, given its successful brand development and role in growing Australia’s online money-saving sector.

“For us, we’ve been experiencing huge growth in consumer interest in cashback prior to the news and hope the trend continues as customers look to make their money go further,” Ogunbanwo said.

She added that Australia’s online shopping market remains strong, motivating TopCashback to help consumers maximise returns on purchases.

“Prior to the news, we have seen our members’ cashback earnings increase 250 per cent year on year in Australia. We are excited about the opportunity to grow that even further and add more people to our money saving community,” Ogunbanwo said.

Trust, stability, and global expertise

Ogunbanwo acknowledged that trust is vital in the cashback space. She explained how TopCashback distinguishes itself from competitors and assures former Cashrewards users of its stability.

“We are an independent cashback business first and foremost, without external investors or shareholders. We aim to grow our business cost-effectively as we have globally. We have been in the UK for over 20 years and are the market leader,” she said.

The company has also built strong presences in the US and Germany, with steady growth across Europe. Its long-term expansion has been fuelled by high cashback rates, good member service, and word-of-mouth recommendations.

“I think having those years of experience in cashbacks allows us to apply learnings to the growing Australian market. Qualities like having market leading cashback rates, the best customer service, and building good relationships with brands to secure the best deals for our members are transferable to any market.”

What sets TopCashback apart

For consumers comparing options, Ogunbanwo pointed to one key differentiator: generosity.

“In most markets, the big difference is the amount we share with our members. Cashback sites get paid a commission for every sale. Some cashback sites might hold back between 20 to 50 per cent of this commission and share the rest of it as cashback. We give it all back to the members,” Ogunbanwo said.

While other platforms might split commissions, passing on only part to customers and keeping the rest for larger teams or marketing, TopCashback ensures its members receive the full share.

“We tend to rely on our members telling their friends. Our approach is simple: offer the best rates, build long-term loyalty and grow sustainably,” Ogunbanwo explained.

The company is also making practical moves to support transitioning Cashrewards users.

“From our perspective, the transition should be fairly smooth. Signing up with TopCashback is very easy and you can start earning cashback at hundreds of popular shops within minutes of joining,” she said.

The road ahead for Aussie shoppers

Ogunbanwo said it’s “a little early to say right now how the market will change post-Cashrewards,” but noted that TopCashback has seen an uplift in member signups since the news.

Across Australia, online retail continues to expand faster than the broader market. TopCashback’s recent data shows members are completing nearly double the transactions and earning more than twice the cashback compared to 2024. Travel has also emerged as the fastest-growing category, with activity tripling other sectors.

Looking ahead, the company is introducing new features designed for Australian users.

“We are always adding features as we grow in the market. We will shortly launch cashback on giftcards via our own giftcard mall, so members can earn cashback when they buy a giftcard through us,” Ogunbanwo said.

“I think the main thing we try to innovate and improve is how we can get more money back into our customers’ pockets quickly,” she added.