Toronto-based Checkout 51 is a tech startup looking to change the coupon world. The Canadian company released a free iPhone app this week (an Android one is "coming soon") that has users photograph receipts from stores, submit it, and then get money. Wait, what?
Checkout 51's app tallies up applicable coupons and deposits that money into a user's account. When an account hits $20, a cheque it mailed to that consumer.
“Since the Coca-Cola Company issued the first coupon 125 years ago, coupons haven’t changed much,” Noah Godfrey, cofounder of Checkout 51, said. “Shoppers have to do a lot of work to save money on groceries, clipping or printing, stuffing wallets, holding up checkout lines. Checkout 51 makes it easier to get discounts on peanut butter, toilet paper and everything else found in a grocery store.”
Checkout 51 regularly updates consumers on which products qualify for rebates so that users can plan shopping based around said virtual coupons.
The company was launched in the spring and now has eight employees, although it's beenin test mode until now. Even so, Checkout 51 has already handed out more than $10,000 to shoppers, the startup says.
A lot of this money has come from the wallets of the founders, but according to the Ottawa Citizen, the company is in "good financial shape." They're currently bootstrapped bt are considering seeking outside funding next year.