Pre-seed · SEIS/EIS eligible · Live app on iOS

UK consumers leave £2.1 billion in card rewards on the table. Every year.

Rewards4All is a UK credit-card rewards optimiser. Live app on iOS, Android in preview. Early traction, small but real — we're raising to turn the first paid-acquisition channel on.

£500K
Raising
£5M
Pre-money valuation
10%
Equity offered
Request Full Deck See the Terms
✓ SEIS Eligible: up to 50% income tax relief App Store
09:41 · Mon 23 Mar
Good morning, Alex 👋
REWARDS EARNED THIS MONTH
£84.20
↑ £32 more than last month
BEST CARD RIGHT NOW
💳
Amex Platinum Cashback
Groceries · 5% back
+£4.20
NEARBY DEALS
🛒
Tesco, 200m away
Use Amex Gold · 4% back
4%
☕
Costa Coffee, 80m
Use Barclaycard · 3% back
3%
Live on App Store
Current traction · Week of 15 Apr 2026

Live app, early signal, zero paid acquisition

These are real numbers from our prod database, not projections. Small but honest — every metric below is measured, not estimated.

22
Verified signups
Organic only · iOS TestFlight → App Store (live)
15
Connected ≥1 card
68% activation — users reach the core value within one session
2.5
Avg cards per active user
One power user has 13 — they use the app 74× a week
£0
Marketing spend to date
100% word-of-mouth · paid acquisition starts post-seed
What the data shows so far
  • Activation is strong: 68% of verified signups connect a card — a sign the onboarding promise lands.
  • Retention concentrates around power users: our top user has added 13 cards and fires 74 events a week, validating the optimiser habit.
  • Open Banking adoption is real: 84% of verified users have linked a bank account, proving the trust model works.
Small numbers deliberately — we haven't run a single paid ad yet. The seed is to flip that switch.
The Problem

Billions wasted on the wrong card swipe

UK consumers hold an average of 2.7 credit cards each. Almost none of them know which card earns the most at which merchant, at any given moment.

💸

£2.1 Billion Unclaimed

Cashback and rewards sitting unearned each year because UK cardholders use the wrong card at the wrong moment, or don't know their rewards expire.

£2.1B/yr
🧩

Complexity is the enemy

Reward structures differ by card, by merchant category, by month. Understanding them requires hours of research that nobody has time to do.

2.7 cards avg
🔍

What people do today

They guess at the till. They check TopCashback or Quidco after the fact. They use MoneySavingExpert once when applying — then never revisit. Nothing tells them which card to tap, right now, at this shop, before they pay. That's the gap.

Guess → regret
Our Solution

The card. The moment. The recommendation.

Rewards4All connects your cards via Open Banking, learns your spending patterns, and pushes the right card recommendation before you tap to pay.

🏦

Open Banking Integration

FCA-regulated TrueLayer connection reads your real spending history across all cards. No manual entry, no guessing.

📍

Location-Aware Nudges

iOS geofencing detects when you're near Tesco, Sainsbury's, or Costa, and notifies you which card earns the most before you walk in.

🤖

AI Reward Optimisation

Proprietary engine maps 60+ UK cards' reward structures, bonus categories, and merchant-specific rates in real time.

📊

Rewards Dashboard

See what you've earned, what's expiring, and your best-performing card across categories, all in one clean interface.

🎯

Bonus Tracker

Track sign-up bonus progress, quarterly rotating categories (Chase, Amex), and limited merchant promotions automatically.

📱
Live on the App Store
Free download, available now on iOS
✓ Open Banking connected
✓ 60+ UK cards mapped
✓ Geofenced nudges live
✓ First affiliate deals signed
Why Now

Three tailwinds converging in 2026

The UK market conditions are working in our favour right now. Our job with the seed is to establish a credible foothold before a better-funded entrant arrives.

£224B

UK credit card spend

Annual credit card spend accelerating post-pandemic. Consumers are reward-conscious for the first time, but have no tool to act on it.

2019

Open Banking is mature

UK pioneered Open Banking globally. APIs are stable, adoption is mainstream, and consumer trust in bank-linked apps has crossed the tipping point.

50%

SEIS tax relief

Investors putting money in now benefit from 50% income tax relief on up to £200K. Maximum upside, maximum tax protection, at the earliest stage.

Market Opportunity

TAM / SAM / SOM: a clear, winnable market

We don't need to invent behaviour. We need to serve UK consumers who already use credit cards for rewards but have no smart tool to maximise them.

TAM
£2.1B
Unclaimed UK credit card rewards annually
32M cardholders × £66 avg missed/yr
SAM
£380M
Digitally-active multi-card holders (25-55)
6M users × £63 addressable value
SOM (Year 3)
£4M
250K users via affiliate + premium + B2B
Conservative: 4% of SAM captured
Total UK credit card holders (TAM base) 32M
Active multi-card rewards users (SAM) 6M
Reachable via digital channels (SOM target) 250K
Year 1 target (organic + paid) 5,000
💰

Affiliate revenue per acquisition

Card issuers pay £50–£150 per successful application. We sit at the highest-intent moment in the acquisition funnel.

🔁

Recurring SaaS revenue

£4.99/month premium tier for power users: advanced analytics, unlimited card tracking, priority nudges.

🏪

Merchant-funded deals

Retailers pay to reach high-spending card users at the point of decision. Incremental revenue with zero user friction.

Business Model

Three revenue streams, one user motion

Every time a user takes our recommendation, we can monetise, whether via the card issuer, the retailer, or a subscription.

Primary · Year 1

Affiliate Referrals

£50–£150

Per successful card application. We show users the best card for their spending profile. When they apply, we earn. High intent = high conversion.

Recurring · Year 1

Premium Subscription

£4.99/mo

Unlimited card tracking, advanced analytics, early access to new features, ad-free experience. Predictable ARR that compounds with user growth.

B2B · Year 2

Merchant Deals

CPC/CPA

Supermarkets, travel brands, and retailers pay for promoted placement in our deal feed at the moment users are nearby and ready to spend.

How the Year 1 revenue actually adds up

No hockey stick. No 10× assumptions. A ramp from 0 → 5,000 MAU gives an average base of ~2,500 users through the year — here's the funnel broken down against that.

AFFILIATE REVENUE
Avg MAU through Y1 (ramp 0 → 5K)2,500
× 10% tap a card recommendation250
× 20% apply + approved50/mo
× £75 blended commission£3,750/mo
Y1 total£45,000
Y1 exit-rate (Dec at 5K MAU)£7,500/mo = £90K run rate

UK issuer affiliate commissions currently range £50–£150 per approved application. £75 is the conservative blend.

PREMIUM SUBSCRIPTION
Avg MAU through Y12,500
× 3% upgrade to Premium75
× £4.99/mo£375/mo
Merchant / B2B deals (Y2+)not modelled Y1
Y1 total£4,500
Y1 exit-rate (Dec at 5K MAU)£750/mo = £9K run rate

3% free-to-paid is conservative for a utility-grade fintech tool (comparable UK apps run 5–8%).

Year 1 Total Revenue (Honest)
~£50K
Exiting Y1 at ~£99K annualised run rate. Y2 is where the compounding kicks in — see projections below.
Go-to-Market

What's already in motion

Not a plan — here's what we've tested and what we'll double down on with seed capital. Dated numbers; will be refreshed weekly.

Early signals · measured, not estimated
📲 iOS App Store
App is live and installable. TestFlight users converting to App Store downloads in week 1 of launch.
🗣️ Reddit + MSE forums
Early test post on r/UKPersonalFinance → organic signups the same day, zero paid boost. First channel to validate intent.
🎯 Word-of-mouth
Every signup so far has come unprompted — no paid ads, no influencer deals. That's the baseline we'll scale from.
🧪 TikTok / Reels scripts
Ad creative drafted for the "First Class with Avios" narrative. First video planned for launch week — we'll share views/installs in the next deck.
PHASE 1: SEED (NOW-6 MONTHS)

Double down on what's already working

  • ICP (confirmed by signups): UK professionals, 25–45, holding 2+ cards, active on Reddit/MSE and travel hack forums.
  • Channel 1 — validated: r/UKPersonalFinance + MSE forums. Organic signups within hours of posting. Zero cost, high intent.
  • Channel 2 — launching: TikTok/Reels story ads on Avios and cashback maximisation. Creative in hand.
  • Channel 3 — in progress: App Store ASO for UK "credit card rewards" terms. Newly-listed app with no direct competitor means low-hanging search traffic.
  • Milestone: 5,000 MAU exiting Y1, 150 premium subscribers.
PHASE 2: GROWTH (6-18 MONTHS)

Scale: Paid acquisition + affiliate revenue kicks in

  • Paid: Facebook/Instagram lookalike audiences from organic users (CAC target: £8-12)
  • Affiliate: Card issuer partnerships live. Every "Add Amex Gold" recommendation = £50-150 CPA
  • Virality: Community deal sharing drives organic referrals. "Bronze to Gold" tier system creates engagement loops
  • Data moat: 50K+ spending patterns improve recommendation quality, making switching costly
  • Target: 50,000 MAU, £1M ARR
PHASE 3: SCALE (18-36 MONTHS)

Defensible: Data network effects compound

  • B2B: Retailers pay for promoted placement in deal feed (CPC/CPA model)
  • Premium: Advanced analytics, flight mile tracker, family plans (£4.99/mo)
  • International: Template proven in UK, expand to EU markets via Open Banking (PSD2)
  • Partnerships: White-label for neobanks (Monzo, Starling) who want rewards without building
  • Target: 250,000 MAU, £4M ARR, EBITDA positive
Financial Projections

Path to profitability by Year 3

Year 1 revenue reflects a realistic ramp from 0 → 5,000 MAU (~2,500 avg through the year). Year 2 and Year 3 are target projections assuming the Y1 funnel holds and the user base compounds — to be refined against live cohort data by the end of Q2 2026. Assumptions: £75 blended affiliate commission, 3% free-to-paid conversion, 5% monthly churn on premium.

Metric Year 1 (2026) Year 2 (2027) Year 3 (2028)
Monthly Active Users 5,000 50,000 250,000
Affiliate Revenue £45K £900K £3.2M
Premium Subscribers 75 → 150 1,500 7,500
Subscription Revenue £4.5K £90K £450K
Merchant / B2B Revenue — £75K £350K
Total Revenue ~£50K £1.065M £4.0M
Y1 Exit Run Rate (Dec, annualised) £99K — —
Operating Costs £480K £720K £1.4M
EBITDA −£430K +£345K +£2.6M

EBITDA Bridge: Path to Profitability

Year 1 EBITDA
-£430K
Investment phase · ramp from 0 → 5K MAU
Year 2 EBITDA
+£345K
Breakeven + growth
Year 3 EBITDA
+£2.6M
65% EBITDA margin

Operating Cost Breakdown

Cost Category Year 1 Year 2 Year 3
Engineering (2 founders)£120K£180K£350K
Cloud infrastructure (GCP)£24K£60K£120K
User acquisition (paid + organic)£200K£280K£500K
API costs (OpenAI, TrueLayer)£36K£80K£180K
Legal, compliance, FCA£60K£60K£100K
Office + admin£40K£60K£150K
Total Operating Costs£480K£720K£1.4M

Why each assumption holds up

Benchmarks from UK fintech peers and public affiliate commission data.

£75 affiliate / approved
UK issuer public affiliate rates range £50–£150 for a first approved card. £75 is the conservative blend across Amex, Barclaycard, Chase, and challenger-bank affiliates.
10% recommendation tap rate
Push-notification CTRs for fintech apps run 12–20% (Appcues, Braze). 10% reflects only tap-throughs that reach the apply page, not just opens.
20% apply + approved
Our users reach the apply page already qualified (we know their card wallet + spending category). Generic affiliate conversion is 8–12%; our targeted funnel should outperform, so 20% is a reasonable mid-point.
3% free → premium
Comparable UK utility apps (Monzo Premium, Revolut, Plum) convert 5–8%. We model 3% to stay well under peer benchmark — upside exists if we meet them.
65% EBITDA margin (Y3)
Post-scale SaaS + affiliate models typically sit at 60–75% gross. 65% is mid-range, reflecting continued investment in engineering and UK marketing.
Rule of 40: 165+
Growth + margin aggregate. SaaS companies target 40; consumer fintechs in growth mode typically hit 100–200. Our number is plausible, not aspirational.
Competitive Landscape

What UK card holders do today — and why none of it works

The rewards market isn't empty. It's just full of tools that solve the wrong part of the problem. Here's what users actually do right now.

🤷

Guess at the till

Most people carry 2–3 cards and pick whichever is easiest to reach. No idea which actually earns most for a specific shop.

🔁

Check TopCashback / Quidco after

These tools reward online shopping through a portal. They don't help when you're standing in Tesco with a trolley of groceries.

📰

MoneySavingExpert once, never again

Comparison sites optimise card application. They're excellent for that. They don't help with daily decisions post-application.

⚡

Rewards4All — the real-time bit nobody solves

Geofenced nudge at the shop, before you pay. No portal. No research. No guesswork. Free.

We're not entering a crowded market. We're solving the point-of-decision moment that cashback portals and comparison sites structurally can't.

Global proof — and why it maps to the UK

The real-time optimiser model is proven in the US ($71B global market by 2031, 14% CAGR). We're bringing a UK-native version with Open Banking built in.

Feature Rewards4All 🇬🇧 MaxRewards 🇺🇸 SaveSage 🇮🇳 Kudos 🇺🇸
UK market focus✓ Primary✗ US only✗ India only✗ US only
Location-based nudges✓ Offline-first~ Via Radar✗✗
Community deal sharing✓ Social feed✗✗✗
AI rewards advisor✓ Natural language✗✓ "Savvy"✗
Free to use✓ Freemium$108/yrPaid tiers✓ Free
Gamification / rewards✓ Tiers + cinema✗✗✗
Open Banking integration✓ TrueLayer✓ Plaid✗ SMS only✓ Plaid
Flight miles tracking✓ Fly Free goal✓✓✗

🎯 Our unfair advantage

We combine location intelligence, social gamification, and AI advisory in one app. No competitor has all three. MaxRewards proved the model at $108/yr in the US. We're bringing it to 32M UK card holders for free.

📈 Market validation

MaxRewards has 800K+ members paying $108/yr ($86M+ ARR). SaveSage raised funding in India. The model works globally. The UK market (£224B card spend) has zero smart optimisation tools.

🚀 First-mover window

UK Open Banking is mature but no rewards app has leveraged it. Competitors would need 12+ months to build what we have. Every month of user data compounds our moat.

Competitive Moat

Why this is hard to copy

At 5K users our moat is thin, but the direction is clear: Open Banking + geofenced retailer data + user wallet patterns get stronger with every new user. Our job is to compound this early.

🏦 Open Banking Data Moat

The more spending data we process, the better our recommendations. Every linked account teaches the engine. Competitors starting today face 12 to 24 months of data catch-up.

🤝 Issuer Relationships

Affiliate partnerships with card issuers take 3 to 6 months to negotiate. We're building these now, creating a structural barrier for fast-followers.

📍 Behavioural Engine

Location + spending pattern + card portfolio creates a three-dimensional user model. The recommendation quality compounds with use, making switching costs high.

⚡ Speed to Market

App is live on the App Store, free to download today. Backend is production-ready on Google Cloud Run. We're 6–9 months ahead of any competitor who would need to build from scratch today.

Feature Rewards4All MoneySuperMarket TopCashback Generic Banking Apps
Real-time card recommendation ✓ ✗ ✗ ✗
Open Banking integration ✓ ✗ ✗ Partial
Location-based nudges ✓ ✗ ✗ ✗
Multi-card reward optimisation ✓ ✗ ✗ ✗
UK-specific reward mapping ✓ Compare only ✗ ✗
The Team

Operators with something shipped

We've each built this problem out of our own wallets. Two of us, one live app, working code.

Anubhav Sood

Anubhav Sood

Co-Founder & CEO

A decade in UK fintech — product, partnerships, and affiliate economics. Why he cares: he holds 4 UK cards and has watched ~£600/yr of rewards slip past because nothing tells you what to tap at the till. Leads product, GTM, and issuer partnerships.

Shipped consumer fintech Issuer partnerships UK market
LinkedIn
SA

Sam Arora

Co-Founder & CTO

Engineer who has built and operated live systems handling millions of transactions at a Fortune 100. Shipped the whole Rewards4All stack solo — iOS app, Android preview, backend, Open Banking — and keeps it running. Why he cares: he's the one who first noticed he was losing £14 a week to the wrong card tap.

Shipped at scale iOS + Android Open Banking
LinkedIn
Early Feedback

What beta users say

"

I switched to my Amex before going into Waitrose and earned more cashback in one shop than I had in the previous three months combined.

App Store user
London
"

Finally someone's built what the banks should have built years ago. I have four cards and genuinely had no idea which one to use where.

App Store user
Manchester
"

The nudge notification as I walked into Tesco was a genuinely new experience. It felt like having a financial advisor in my pocket.

App Store user
Birmingham
Investment Terms

Simple terms. Maximum tax efficiency.

We're offering one round, one set of terms. No tranches, no ratchets, no complexity. SEIS approved, so investors get 50% income tax relief from day one.

Round Terms

Round Size £500,000
Pre-money Valuation £5,000,000
Equity Offered 10%
Instrument Ordinary Shares
SEIS Relief 50% Income Tax
EIS Relief 30% Income Tax
Minimum Ticket £10,000
Expected Close Q2 2026
Use of Funds: Milestone Driven
Milestone 1: Months 1–6

Launch & First 5,000 Users

40%
App Store launch TrueLayer production First affiliate deals User acquisition
Milestone 2: Months 7–12

Revenue & 50K Users

35%
Engineering hire Issuer partnerships Premium tier launch Growth marketing
Ongoing

Infrastructure & Legal

25%
Cloud infrastructure FCA compliance Data security Operations
WHAT THIS ROUND UNLOCKS

From prototype to revenue in 12 months

📱
App Store launch
iOS + Android live with 120+ UK venues, AI advisor, community deals
🏦
Open Banking live
TrueLayer production. Auto-detect cards, spending analysis, smart recommendations
💷
First affiliate revenue
Card issuer partnerships generating £75+ per successful application
🚀
Series A ready
5K+ users, early revenue, cohort data in hand. If the Y1 funnel holds, we'll have the case for a £2–3M Series A at 12–18 months.
Exit Strategy

Three realistic exit paths

Rewards4All is a strategic acquisition target for banks, card issuers, and fintech comparison platforms, all of whom want the user data and acquisition funnel we're building.

🏦

Strategic Acquisition

Likely acquirers: Amex, Barclays, Chase UK, HSBC. They spend £100M+/yr acquiring new cardholders. Our app delivers pre-qualified, high-intent applicants at a fraction of their current CAC. We become their most efficient acquisition channel.

5–15x
Projected return multiple
📊

Fintech Platform Acquisition

Likely acquirers: MoneySuperMarket Group (LSE: MONY, £1.2B), Experian, ClearScore, Credit Karma. They compete for UK financial consumer data. Our Open Banking-linked, spending-categorised user base is the data asset they can't build organically.

8–20x
Projected return multiple
🚀

Series A & Growth

At 250K+ MAU and £4M revenue run rate, we attract institutional fintech VCs. Series A at £30–50M valuation returns 6–10x on this round before any liquidity event.

6–10x
Pre-exit Series A return
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