The West Australian
Troy Zafer, co-founder of WA-founded startup Aura.
Image Credit: Andrew Ritchie/The West Australian
Loyalty program platform Aura says thrifty customers chasing fuel cashbacks are driving most of its growth as households look for ways to get money back amid the cost of living crunch.
The WA-founded startup rewards customers with cash rebates every time they shop at more than 1000 participating retailers, ranging from food and drink, electronics, discretionary goods as well as events and activities.
These retailers include Cotton On, where customers can get up to 6 per cent cashback on all purchases, The Good Guys, Vodafone and travel company Contiki.
Aura members also receive a 3¢ per litre cashback reward at participating Shell Coles Express service stations.
“We’re definitely seeing that petroleum is something that is a key driver of usage through the platform,” Aura co-founder and chief executive Troy Zafer said.
“All the other points-based programs, they (offer) discounts off of future purchases. With Aura, you get real money back now and you can decide what you want to do with the money, you can withdraw it or invest it through our platform.
“As the economy tightens, we know that our solution is better for consumers.”
Mr Zafer is aiming to cover more than 50 per cent of a household’s core expenditures, with a main focus on “big-ticket items” like mortgages, insurance, telecommunications and utilities.
Aura said it was continuing to build its brand partners, with the company announcing it will add NBN and telco provider Mate onto the platform.
It is set to announce partnerships with a national mortgage broker and a global insurance company in the coming months.
Mr Zafer, who co-founded Aura with Adam Tegg and Lorenzo Lorefice in late 2020, estimates each member can receive at least $200 to $500 in cash rebates a year.
As well as withdrawing their rebates in cash, Aura members can invest it into exchange-traded funds. Aura will also donate an amount equivalent to 10 per cent of the member’s cashback to their chosen charity or community group.
Mr Zafer said Aura aimed to be clear and transparent for its customers.
“With these other points-based programs, most people don’t really know what the points are worth. A point with your airline is different to the value of a point with your supermarket program,” he said.
Aura expects to have between two to four million members on the platform in the next three to five years.
Read the full The West Australian article here.