Ebates
Ebates, operating as Rakuten Rewards, is a US-based cash-back shopping platform with 17+ million members earning rewards through 3,500+ partner merchants and 22,000+ restaurants. Wholly owned by Japan's Rakuten Group (TSE: 4755), it monetizes via affiliate commissions and merchant advertising on web, mobile, browser extension, and card-linked in-store channels.
- Company typePrivate
- Founded1999
- HeadquartersSeoul, South Korea
- Headcount101–250
- GTM typeB2C
- OfferingDigital Commerce or Content
What Ebates does
Ebates Performance Marketing Inc., doing business as Rakuten Rewards, is a US-based cash-back shopping platform founded in 1999 and headquartered in San Mateo, California. The company was acquired by Japan's Rakuten Group, Inc. in 2014 and rebranded from Ebates to Rakuten Rewards in 2019 to consolidate consumer identity under its parent's global brand. Rakuten Group is publicly listed on the Tokyo Stock Exchange (TSE: 4755) and operates e-commerce, travel, banking, fintech, and digital content businesses worldwide; Rakuten Rewards sits inside this conglomerate structure as a wholly-owned subsidiary focused on North American consumer rewards.
The company operates a free, two-sided affiliate marketplace: 17+ million US members earn cash back (typically 1–30%+) on purchases routed through 3,500+ partner merchant brands across apparel, electronics, beauty, travel, grocery, and dining. The core technical stack is a browser-extension (Chrome/Firefox), iOS/Android mobile app, and an in-store card-linking layer that captures transactions on Amex, Mastercard, and Visa networks at more than 22,000 dining locations. Rakuten Rewards also distributes the Rakuten American Express Card (issued by First Electronic Bank, powered by Imprint Payments), which lifts member earning rates and diversifies unit economics beyond pure affiliate commission share.
Revenue derives from affiliate commissions paid by merchants on referred transactions and from additional fees for featured placement and promotional campaigns. Members receive quarterly payouts via PayPal, check, or gift cards, with optional redemption into American Express Membership Rewards points or Bilt Points. The go-to-market motion is product-led and community-led, combining paid and organic channels with a Refer-a-Friend incentive ($50 after 10 qualified referrals) and an influencer program paying flat per-sign-up bonuses. The unit operates with a leadership team of seven C-level executives (CEO Amit Patel, CFO Greg Kaplan, COO Adrienne Down Coulson, CMO Wendy Bergh, CTO Joe Molnar, CPO Nilesh Khandelwal, CCO Carl Lurie Kalapesi) and integrates with sister Rakuten Group asset ShopStyle for rewards visibility.
Ebates firmographics
Firmographics- Name
- Ebates
- Legal name
- Ebates Performance Marketing Inc., d/b/a Rakuten Rewards
- Website
- https://rakuten.com
- Company type
- Private
- Founded year
- 1999
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Ebates, operating as Rakuten Rewards, is a US-based cash-back shopping platform with 17+ million members earning rewards through 3,500+ partner merchants and 22,000+ restaurants. Wholly owned by Japan's Rakuten Group (TSE: 4755), it monetizes via affiliate commissions and merchant advertising on web, mobile, browser extension, and card-linked in-store channels.
- Ownership category
- akta.pro rank
Ebates industry classification
Industry- Product category
- Cash Back Shopping & Affiliate Marketing Platform
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Price Comparison, Deals, Cashback & Loyalty Shopping Platforms (BPAMAGAH)
- akta.pro secondary industry
- Couponing, Rebates & Cash-Back Promotions (BPAFAMAI)
Keywords
Where Ebates is headquartered
LocationHeadquarters
- HQ city
- Seoul
- HQ country
- South Korea
- HQ region
- Asia
Offices1 record
Markets served
Ebates business model
Business model- GTM type
- B2C
- Offering type
- Digital Commerce or Content
- Cost components
- Technology or R&D, Marketing or Sales, Personnel, Operations, Others
Revenue model
- Affiliate Commissions: Merchants pay Rakuten a commission when members make purchases through Rakuten's links. Rakuten shares a portion of this commission with members as cash back. This is the primary revenue stream.
- Brand Partnerships & Advertising: Merchants may pay additional fees for featured placement, promotional campaigns, and customer acquisition support on the Rakuten platform.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Annual | Free Membership - Core cash back platform |
| Freemium | Pay-as-you-go | Welcome Boost Bonus |
| Freemium | Pay-as-you-go | Referral Bonus |
| Freemium | Pay-as-you-go | Gift Card Redemptions |
| Freemium | Monthly | Rakuten American Express Card |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels6 records
Ebates product offering
Product offeringCore offering
Ebates (d/b/a Rakuten Rewards) operates a free cash back shopping platform connecting individual consumers with 3,500+ retail, travel, dining, and financial service merchants. Members earn percentage-based cash back on purchases routed through the platform via website, mobile app, or browser extension, with rewards paid quarterly. Additional offerings include in-store cash back via linked credit cards, a dining rewards program, and a co-branded credit card.
Product overview
Rakuten (formerly Ebates) operates a cash-back shopping platform with a unified core product and multiple integrated modules. The main Rakuten Cash Back platform is the foundation, partnered with over 3,500 brands. This core is augmented by the Browser Extension for automatic coupon application, the Mobile App for on-the-go shopping and in-store rewards, In-Store Cash Back for brick-and-mortar purchases via linked cards, Rakuten Dining for restaurant rewards, and the Rakuten American Express Card for elevated earning rates. Additional modules include the Influencer Program for referral marketing and Rakuten Travel for travel bookings.
Differentiator
Problem solved
Functional benefit
Brands
- Rakuten American Express Card: Co-branded credit card offering cash back rewards and American Express Membership Rewards points integration.
- Rakuten Dining
- Rakuten+
- Rakuten Cash Back Button
Products and services
- Rakuten Cash Back Platform Free membership cash back platform enabling consumers to earn 1-30%+ cash back on purchases at 3,500+ partner merchants across retail, travel, dining, and financial services; rewards paid quarterly via PayPal, check, or gift cards.
- Rakuten Dining Restaurant rewards program offering 5% cash back at 22,000+ participating restaurants when paying with a linked credit card; covers tax, tip, and drinks.
- Rakuten American Express Card Co-branded credit card issued by First Electronic Bank and powered by Imprint Payments, Inc., offering enhanced cash back for Rakuten members on purchases at partner merchants.
- Rakuten Travel Travel booking platform offering cash back on hotels, flights, car rentals, and vacation packages through partner travel sites, providing up to 8% cash back on travel bookings.
Quantifiable outcome
- Members have earned over $4.6 billion in total cash back since 1999
- +2 more outcomes
Companies that use Ebates
Customer profileNamed customers16 records
Segments1 record
Ideal customer profiles1 record
Ebates technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration9 records
Feature4 records
Ebates partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- First Electronic BankcoreIssues the Rakuten American Express Card, providing a co-branded credit card product that offers enhanced cash back for Rakuten members.
- Imprint Payments, Inc.corePowers the Rakuten American Express Card infrastructure and payment processing for the co-branded credit card product.
- Affiliate NetworkscoreThird-party affiliate networks used to track shopping transactions with merchants and properly account for cash back commissions.
- 3,500+ Merchant BrandscoreRetail partners including Amazon, Best Buy, Macy's, Target, Sephora, Nike, and thousands more who pay commissions to Rakuten for referred customers. These merchants provide cash back percentages to Rakuten members.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
Ebates competitors and assessment
Company assessmentDirect peers
- Honey (PayPal): Honey, acquired by PayPal in 2020 for ~$4B, is a browser extension offering coupons and cash back at merchants. It is Rakuten's most direct competitor in the cash-back/coupon extension category, with overlapping value proposition (automatic savings activation) and identical target user.
- Capital One Shopping: Capital One Shopping (formerly Wikibuy) is a free browser-based shopping comparison and rewards tool offering coupons, price comparison, and Capital One credit card rewards. Directly comparable product offering, distribution (browser extension), and target customer (online shoppers).
- TopCashback: TopCashback is one of the largest pure-play cash-back portals globally with a very similar value proposition — free membership, merchant commissions split with members, browser extension. Closest like-for-like competitor to Rakuten/Ebates in the cash-back portal category.
- Ibotta: Ibotta is a cash-back rewards platform initially focused on grocery through receipt scanning and increasingly offering online shopping rewards. Strongly comparable as a multi-channel cash-back platform with both app and in-store offers, though heavier on grocery.
- RetailMeNot: RetailMeNot is a long-standing coupon and cash-back platform operating on the same affiliate-commission revenue model with similar merchant breadth and consumer-facing value proposition. Operates under Harland Clarke/HMN subsidiary context; directly overlaps Rakuten in coupons and cash back.
- Dosh: Dosh is a card-linking cash-back wallet that automatically rewards users when they pay with linked cards at participating merchants. Directly comparable to Rakuten's in-store card-linked cash back and to Rakuten Dining — same core card-linking technology and merchant-funded rewards model.
- Fetch Rewards: Fetch Rewards is a receipt-scanning rewards app that gives users points redeemable for gift cards; comparable consumer value proposition (earn rewards on everyday purchases) and overlapping target market (mainstream US shoppers), though heavier in grocery/CPG.
- Swagbucks: Swagbucks (Prodege) is a rewards platform offering cash back for shopping, surveys, and watching videos; broadly comparable as a multi-vertical consumer rewards platform with shopping cash back as a core pillar.
- Shopkick: Shopkick is a shopping rewards app providing cash back and gift cards for online and in-store purchases, with card-linking and receipt-based offers. Directly comparable to Rakuten's in-store and dining cash-back offerings for mobile-first shoppers.
Emerging players
- BrandBacked: BrandBacked is a smaller digital cash-back platform that, like Rakuten, splits merchant commissions with consumers. Comparable model and target audience but with materially smaller merchant network and member base, making it an emerging rather than direct competitor.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Ebates social profiles
Digital presenceEbates compliance and trust
Trust signalCompliance1 record
Ebates financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ebates leadership team
Management profileNumber of profiles
Profiles7 records
Ebates subsidiaries and ownership
Company hierarchySubsidiaries1 record
Ebates funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ebates M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ebates
What does Ebates do?
Ebates (d/b/a Rakuten Rewards) operates a free cash back shopping platform connecting individual consumers with 3,500+ retail, travel, dining, and financial service merchants. Members earn percentage-based cash back on purchases routed through the platform via website, mobile app, or browser extension, with rewards paid quarterly. Additional offerings include in-store cash back via linked credit cards, a dining rewards program, and a co-branded credit card.
Is Ebates a public or private company?
Ebates is a private company. It is classified as corporate owned and is currently operating.
When was Ebates founded?
Ebates was founded in 1999. It employs 101 to 250 people.
Where is Ebates based?
Ebates is headquartered in Seoul, South Korea, in the Asia region.
How does Ebates make money?
Two revenue lines are on record. Affiliate Commissions are the primary driver. The others are brand Partnerships & Advertising.
Who are Ebates's main competitors?
Direct peers on record are Honey (PayPal), Capital One Shopping, TopCashback, Ibotta, RetailMeNot, Dosh, Fetch Rewards, Swagbucks and Shopkick. BrandBacked is listed as an emerging player.
Does Ebates have an API?
No public API is recorded for Ebates.
What industry is Ebates in?
Ebates's product category is Cash Back Shopping & Affiliate Marketing Platform. Its primary akta.pro industry code is BPAMAGAH, Price Comparison, Deals, Cashback & Loyalty Shopping Platforms, with a secondary code of BPAFAMAI, Couponing, Rebates & Cash-Back Promotions. Its NAICS code is 522320 and its SIC code is 6199.