Cash Back App Dosh Expanding “Powered by Dosh” Platform
When it comes to FinTech, there are a few different models that startups can follow. Among them is the idea that the company can launch its own platform as proof of concept before offering the backend a la carte for integration with other businesses. Take, for example, online lender OnDeck spinning off its loan application software ODX for use by banks. Now it seems that cash back app Dosh is following a similar playbook by offering a software development kit (SDK) that will allow financial apps and institutions to easily provide cash back programs to their customers.
With “Powered by Dosh,” card issuers will be able to tap into Dosh’s stable of cashback offers and present them in their own apps. This will then enable customers to claim these deals by using their linked cards. These capabilities have already been deployed by Venmo for their Venmo Reward program launched last fall. Meanwhile, the neobank Jelli will roll out their program later this month. Dosh plans to make the SDK available to more financial service companies this fall.
The “Powered by Dosh” programs will operate much in the way that that app itself does. Currently, Dosh users are able to link their various credit and debit cards to the app in order to earn cash back on select in-store and online purchases. Notably, if Venmo Rewards are any indication, cards that already feature “Powered by Dosh” offerings cannot be added to the Dosh app, limiting to the ability to “double-dip.”
Discussing the “Powered by Dosh” initiative, Dosh founder and CEO Ryan Wuerch said in a statement, “As consumers turn to the brands and payment options that provide the biggest rewards, financial institutions, neobanks and payment providers want to stay top-of-wallet by providing a world-class frictionless cash back program into their payments experience. The Dosh platform has found the sweet spot for merchants, financial services companies and consumers alike.” Wuerch went on to note, “Since launch, the demand for the Powered by Dosh technology from financial services companies, both big and small, has been incredible. We will announce new partners over the coming months, which will expand our user base to over 60 million.” Meanwhile, sharing what the “Powered by Dosh” capabilities have meant for Venmo, that app’s head of growth Kapil Mokhat stated, “Dosh’s expanded technology suite will allow Venmo users to discover and receive even more cash back offers from over 100,000 places directly in the Venmo app. We’re excited to continue working with Dosh and help Venmo users earn rewards on their everyday purchases from national and local merchants.”
Seeing as Dosh’s platform has already found success on its own as well as with a major player like Venmo, their “Powered by Dosh” offering seems primed to pop. What’s more, as the service’s reach grows, the number of deals it offers are likely to grow — which is good for consumers and businesses alike. So while savvy shoppers may have already known about the power of Dosh, perhaps banks and other institutions will soon learn more about them as well.