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Grow My Money, a Sydney-based startup that allows customers to funnel cashback rewards from retailers into their superannuation funds or mortgages, has been acquired by price comparison group Finder for an undisclosed sum.
Founded in 2019 by Pascale Helyar-Moray under its former name of Super-Rewards, Grow My Money partners with more than a thousand Australian brands to secure up to 20 per cent worth of cashback deals that users can access either in-store, online with a linked card or through the company's app.
The cashbacks are paid automatically into a user's nominated mortgage account or superannuation fund, chipping away at debt and boosting super balances in the process.
The company estimates that users get 2 per cent of their spending credited back to their nominated account.
Finder CEO and co-founder Frank Restuccia is excited to welcome Grow My Money into the Finder Group.
"Investing for the future is so important and super and property are two of the biggest assets you can build in your life," says Restuccia, who co-founded the comparison website Finder.com with "crypto king" Fred Schebesta and Jeremy Cabral, launching the site in 2006.
"Grow My Money presents an exciting opportunity to acquire a fast-growing rewards platform with significant potential for further expansion.
"The Grow My Money team have successfully built a loyal customer base experiencing a boost to their long term financial position without paying an extra cent from their paycheck."
Helyar-Moray, who received the Medal of the Order of Australia this year for service to business and to women's affairs, says the platform turns necessary spending into a future nest egg.
"Aussies are doing everything they can to reduce their expenses with little left over to grow their wealth," she says.
"This innovation basically means bonus money is paid into your home loan or superannuation account as you go about your life.
"As living costs skyrocket, these cashback amounts become even more meaningful."
With women increasingly managing household finances, a substantial 66 per cent of Grow My Money members are female. Although the service was created with women in mind, it is open to everyone aged 14–75, regardless of gender or work status.
Finder data revealed that 53 per cent, an estimated 11 million Aussies, don't think they'll have enough in their super to get by in retirement.
This is particularly acute for women as 62 per cent aren't sure they will be able to stop working, compared to 44 per cent of men.
Helyar-Moray says she wants to close the gap.
"It's unrealistic to think you can cut back all spending, but pairing sound budgeting with monthly top-ups, can get you further ahead than you might think," she adds.
"The super balances of women don't accurately reflect their extremely valuable contribution to society. No woman should be facing financial stress in retirement."
Finder says that Grow My Money, and its workforce, will continue to operate in their own right and with the same brand, but will benefit from sharing resources across the wider Finder group.
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