Ibotta launches SNAP rewards benefiting more than 40 million people in the United States

Rhea-AI Summary

Ibotta (NYSE: IBTA) announces enhanced benefits for SNAP-eligible consumers, reaching over 40 million people in the US. The company launches SNAP Rewards, offering exclusive monthly deals including 100% cash back on Thanksgiving meal ingredients. Through 'Thanksgiving Your Way', users can customize their rewards bundle, valued between $25-$27 in cash back. The initiative marks Ibotta's fifth annual Free Thanksgiving program, which has previously helped feed over 11 million Americans. Additionally, Ibotta partners with Feeding America to provide up to 1 million meals through a November campaign where each user's first redemption contributes one meal to the cause.

Positive

• Launch of SNAP Rewards program targeting 40+ million potential users
• Offering $25-$27 cash back rewards bundle per user for Thanksgiving
• Strategic partnership with Feeding America expanding market reach
• Successful track record of feeding 11+ million people through previous programs

Negative

• None.

Insights

Market Research Analyst

The launch of SNAP rewards represents a significant strategic expansion for Ibotta, targeting a massive 40 million+ SNAP benefit recipient market. This move could substantially increase user engagement and transaction volume, particularly during high-spending seasonal periods. The program's timing ahead of the holiday season is strategically sound, as it combines social impact with business growth.

The Thanksgiving promotion's historical success, reaching 11 million people over four years, demonstrates strong execution capability. The flexible "Thanksgiving Your Way" approach with $25-$27 cash back value per bundle shows potential for high user adoption. The partnership with Feeding America adds brand value and could drive increased user acquisition through positive PR and word-of-mouth marketing.

Financial Analyst

This initiative presents a compelling revenue growth opportunity through increased transaction volume and merchant partnerships. The SNAP rewards program could drive significant user acquisition and retention, potentially lowering customer acquisition costs while expanding the active user base. The $25-$27 per-bundle promotion cost is a reasonable customer acquisition investment, especially considering the lifetime value potential of SNAP benefit recipients who shop frequently for groceries.

The partnership with Feeding America demonstrates strong ESG credentials, which increasingly influences institutional investor sentiment. The program's scale and timing suggest material impact on Q4 2024 financial performance, particularly in user growth metrics and gross merchandise value.

In celebration of its fifth annual Free Thanksgiving, Ibotta will help provide 1 million meals* to Feeding America^®

DENVER, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Ibotta, Inc. (NYSE: IBTA), the leading technology company providing digital promotions and performance marketing solutions, today announced additional benefits for consumers eligible for the Supplemental Nutrition Assistance Program (SNAP). According to Pew Research, as of April 2023 more than 40 million people in the U.S. received SNAP benefits. Through Ibotta’s SNAP Rewards, eligible Savers get access to new exclusive offers every month including 100 percent cash back on the ingredients for their Thanksgiving meal.

This marks the fifth year Ibotta will provide Savers the opportunity to earn cash back rewards on Thanksgiving staples no matter how they celebrate. Over the past four years, Ibotta’s Thanksgiving program has fed more than 11 million people in America with items available in the Ibotta app. This year Savers can partake in ‘Thanksgiving Your Way’. New Savers and SNAP-eligible users can pick and choose their offers based on their personal preferences, no turkey required*. This year’s bundle is valued between $25 and $27 in cash back rewards when all eligible items are purchased.

“Alleviating food insecurity is a mission near and dear to our hearts at Ibotta, which is why we work tirelessly to provide our Savers the best offers on an assortment of seasonal favorites,” said Rich Donahue, Chief Marketing Officer at Ibotta. “Our work to benefit SNAP-eligible users has been in the works for a while now and we are so happy it will be available to Savers during the holidays, starting with their Thanksgiving meal. We are also proud to make a financial commitment to Feeding America to help even more families put food on the table this season.”

Nearly 50% of people facing hunger are unlikely to qualify for SNAP. To ensure everyone has access to the food and resources they need to thrive, Ibotta is partnering with Feeding America, the largest hunger-relief organization in the United States. From November 1 through November 27, Ibotta will help provide one meal** to Feeding America for the first redemption every Ibotta user makes, up to 1 million meals. Click here to learn more.

“We are grateful for partners like Ibotta who share our vision of making nutritious food accessible to all,” said Lauren Biedron, Feeding America's Senior Vice President of Corporate Partnerships. “Ibotta’s SNAP Rewards program demonstrates their commitment to supporting families facing hunger, and as a SNAP Referral partner, they help connect eligible individuals to essential benefits that make healthy food more affordable. With their additional support this November, Ibotta is helping ensure the Feeding America network can continue providing food and hope to neighbors in need this holiday season.”

To learn more about Ibotta’s cash back Thanksgiving and see what offers are available to you, download the Ibotta app.

*Details found here
**$1 helps provide at least 10 meals secured by Feeding America on behalf of local partner food banks.

About Ibotta ("I bought a...")
Ibotta (NYSE: IBTA) is the leading provider of digital promotions for CPG brands, reaching over 200 million consumers through a network of publishers called the Ibotta Performance Network (IPN). The IPN allows marketers to influence what people buy, and where and how often they shop – all while paying only when their campaigns directly result in a sale. American shoppers have earned over $2 billion through the IPN since 2012. Ibotta is headquartered in Denver, and has been listed as a top place to work by The Denver Post and Inc. Magazine.

About Feeding America
Feeding America^® is committed to an America where no one is hungry. We support tens of millions of people who experience food insecurity to get the food and resources they say they need to thrive as part of a nationwide network of food banks, statewide food bank associations, food pantries and meal programs. We also invest in innovative solutions to increase equitable access to nutritious food, advocate for legislation that improves food security and work to address factors that impact food security, such as health, cost of living and employment.

We partner with people experiencing food insecurity, policymakers, organizations and supporters, united with them in a movement to end hunger. Visit FeedingAmerica.org to learn more

Media Contact
Ibotta
Corporate Communications
Rachel Johnson, rachel.johnson@ibotta.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d28afc2f-29c6-4b0b-a7ef-72f83afc9d48

FAQ

What is Ibotta's (IBTA) new SNAP Rewards program offering?

Ibotta's SNAP Rewards offers exclusive monthly deals including 100% cash back on Thanksgiving meal ingredients, with rewards bundles valued between $25-$27 for eligible users.

How many people has Ibotta's (IBTA) Thanksgiving program helped since its inception?

Ibotta's Thanksgiving program has fed more than 11 million people in America over the past four years through offers available in the Ibotta app.

What is Ibotta's (IBTA) partnership with Feeding America in November 2024?

From November 1-27, 2024, Ibotta will help provide one meal to Feeding America for each user's first redemption, up to 1 million meals total.

How much is the 2024 Thanksgiving reward bundle worth for Ibotta (IBTA) users?

The 2024 Thanksgiving reward bundle through Ibotta is valued between $25 and $27 in cash back rewards when all eligible items are purchased.