Refunder was acquired by the British from TopCashback for $24 million

Refunder, a Stockholm, Sweden-based operator of a cashback website, announced that it was acquired by its competitor from the UK TopCashback (TOPG).

The deal is estimated to be around SEK 200M ($24M) for 100% of the equity.

TOPG will initially take a large stake in the business, and this will grow to 100% ownership by 2024 with existing owners eEquity and Bonnier gradually exiting their position.

The founders as well as the existing teams at Refunder and its unit, Bast-I-Test, will remain in place, with the brands still remaining independent under TOPG’s ownership.

Refunder, founded in 2014 by Fredrick Ohlsson (CEO) and Victor Dahlborg, operates a cashback business, one of the largest of its kind in Sweden, with 600,000 members in Sweden and 100,000 in Poland. The company also operates Bast-I-Test, which undertakes consumer product tests.

TopCashback, founded in 2005 by Olly Ragg and Mike Tomkins, is one of the largest cashback companies in the world, having achieved No.1 status in the UK and launching in the USA, China, Germany and India, as well as establishing a successful white label business.