Google AI
The Times Australia

Times Media

Andrew Banks launches his own start-up Plastiq.it

  • Written by: NMD PR

FinTech start-up Plastiq turns traditional loyalty on its head and fast-tracks growth with Equity Crowdfunding 


Australian entrepreneur, Shark Tank judge and investor Andrew Banks today launches an Equity Crowdfunding campaign with platform​ ​Equitise​ for his new cashback rewards business ​Plastiq.it​. Founded by Andrew Banks, David Anderson and Tricia Stevens,​Plastiq.it is cashback done right. 


The first of its kind business offers a superior solution to customer rewards and loyalty, differentiating itself by its ease of  use. ​Plastiq.it is one of the only businesses that offers a truly 360 degree view of a customer’s behavioural spending habits and patterns and links this to a rewards program which allows consumers to receive up to hundreds of dollars back within the first year.  


The startup intends to raise $400,000 at $1.25 per share with leading Equity Crowdfunding platform Equitise from late January 2020.

Founded in late 2018, Plastiq has built a next-gen data platform that’s set to capture a share of the $275 billion Australian retail market opportunity, while providing customers greater value from their shopping, and merchants value in customer insights.

Since it’s public beta launch in November 2019, Plastiq already has over 2,500 members, more than 500 of Australia’s leading retailers onboard and strategic partners such as RAIZ Invest and Manly Warringah Sea Eagles. Members automatically receive cashback to their Plastiq account on their in-store or online purchases at participating merchants, without the need for merchant integration, loyalty cards or receipts.

Plastiq’s technology platform has been designed from day one to have global capabilities with no restrictions from geography and an aggressive growth plan being executed beyond the Australia market. With existing partners operating in multiple global markets, the team intend to follow the launch of Plastiq in Australia by expanding in other markets, to capture a share of the cashback, gift cards, loyalty and rewards global market opportunity of $1 trillion. 

Co-Founder Andrew Banks says Plastiq is​a cashback rewards program that turns the existing model of data collection on its head.

“Plastiq removes the need for loyalty cards, coupon codes and manual reward redemption while providing real cashback right into the pockets of consumers. Plastiq uses leading online to offline technology that enables it to also collect data from in-store transactions, providing a wider range of data insights than traditional services,” he said.

“Plastiq collects data from using enterprise grade security rather than merchants, bridging the gap between online and offline. It’s easy to use, instantaneous and automatic with no loyalty cards, no coupon codes and  no hassle,” he says.

Founder of Equitise, Jonny Wilkinson says Plastiq offers a unique value proposition and has created a solution  to key customer loyalty options.

“Plastiq provides cashback to members on purchases they make at participating merchants, leveraging the monetary value of transactional data to reward consumers up to hundreds of dollars. Rather than providing coupon codes or credit that can only be used at the same merchant, Plastiq is disrupting the traditional loyalty rewards industry by being super simple to use and providing benefits to customers and businesses,” he said.

“This is a rare opportunity for everyday investors to invest alongside such an experienced and successful investor such as Andrew Banks, getting in early with the Equity Crowdfund before the product even roles out publicly,” he said.  

Approximately 1 in 2 Australians prefer the combination of cashback and discounts as key loyalty options. As a form of compensation for customer loyalty and data, Plastiq provides members with real cashback on transactions that can be used however they wish.

By using a proprietary technology platform, Plastiq has streamlined the experience for businesses and  consumers, facilitating a mutually beneficial relationship for all involved. Businesses can utilise transactional  and behavioural data generated from customer interactions to better drive marketing efficiencies.

In addition to the rewards system, merchants are able to integrate superior targeting methods, increase visits and find the best allocation of engagement for all customer types. With the power of offline transactional data, which has been largely unavailable to businesses up to now, they can take the guesswork out of measuring attribution and maximise the returns on marketing spend.  

Property Times

Australia's Housing Market After Labor's Tax Changes: Did the Predicted Property Crash Arrive?

Several months after changes to property investment tax settings, Australia's housing market has delivered a more complex picture than many predicted. When the Federal Government announced changes affecting property investors, some commentators wa...

Weekend Property Tour: Discover Melbourne's Eastern Suburbs

Melbourne's eastern suburbs offer one of Australia's most enjoyable weekend drives. From elegant inner-city neighbourhoods to thriving family communities and the gateway to the Yarra Valley, this route showcases a diverse range of homes, shopping p...

Melbourne Weekend Property Tour: South of the Yarra

Melbourne's south side has long held a special place in the city's property market. Stretching from the inner-city elegance of South Yarra through leafy family suburbs and out to the bayside, it offers everything from luxury penthouses and Victoria...

The Hidden Financial Risks of Self-Managing Your Australian Investment Property

For many Australian property investors, the initial appeal of self-managing a rental property is based on simple mathematics. By bypassing professional management, landlords hope to save the standard six to ten percent agency fee and maximise their a...

Food & Dining

Mr Roses expands beyond flowers with launch of national luxury hamper range

Australian premium gifting business Mr Roses has expanded beyond flowers with the launch of Mr Roses Hampers, a dedicated national e-commerce range spanning gourmet food, artisan treats, premium self-care products, wine and champagne. The new categ...

From Restriction to Celebration: The Sydney Restaurant Proving Gluten-Free Can Be Fine Dining

Sydney restaurant marks 10 years with a month-long celebration of artisan collaborations, from Amalfi-inspired desserts to handcrafted Calabrian cannoli When The Botanica Vaucluse opened its doors a decade ago, the idea of a fully gluten-free fine d...

Healthy Eating: What Does a Science-Based Diet Actually Look Like?

After years of changing food trends—from low-fat to low-carbohydrate, detoxes and "superfoods"—it can be difficult to know what healthy eating really means. The encouraging news is that nutrition science has become more consistent. While researche...

Ultra-Processed Foods: The Hidden Ingredient in the Modern Australian Diet

Walk through almost any Australian supermarket and much of what fills the shelves has one thing in common: it has been processed. Processing itself is not the problem. Freezing vegetables, pasteurising milk and baking wholegrain bread are all form...

Business Times

The Metrics That Matter: Why Australian Businesses Need to Rethin…

Each year, Australian organisations spend billions of dollars running conferences, exhibitions, incentive programs, roadsho...

Trust, Timing and Transparency: What KPMG's Crisis Reveals A…

KPMG remains a case study in how not to action Crisis Comms.  A crisis at this magnitude affects a global audience and kno...

The World Cup Business Model: What Every Entrepreneur Can Learn

Every four years, the FIFA World Cup becomes one of the largest commercial events on Earth. Billions of people watch match...

Technology

The new ‘Apple Upgrade’ program has…

TECH GIANT SHAKES UP FINANCING WITH KLARNA-BACKED SUBSCRIPTION LEASE CUPERTINO — Apple has offici...

Local News

Psychology clinic in Tasmania opens…

In response to Tasmania’s growing mental health crisis, a new purpose-built, multi-disciplinary me...

Culture

Mr Roses expands beyond flowers with launch o…

Australian premium gifting business Mr Roses has expanded beyond flowers with the launch of Mr Ros...

Travel

Korea Tourism Organization Invites Australian…

The Korea Tourism Organization (KTO) has launched Korea Unlocks More of You, a new national campai...

The Times Features

Mr Roses expands beyond flowers with launch of national…

Australian premium gifting business Mr Roses has expanded beyond flowers with the launch of Mr Ros...

Psychology clinic in Tasmania opens to address growing …

In response to Tasmania’s growing mental health crisis, a new purpose-built, multi-disciplinary me...

Sweet Temptation: Should Australia Take a Harder Look a…

Walk through almost any Australian supermarket and one of the brightest, most colourful sections i...