Checkout 51 is based out of Toronto, Canada and has ambitions of changing the way Canadians think about coupons. The technology startup has given the coupon an interesting twist and released an iPhone app which customers can use to take images of receipts of items they have bought and submit it to Checkout51. The system checks for applicable coupons and then credits the users account for that amount.
The user’s online account keeps filling up as they scan and send in coupons. When the account reaches $20 the startup cashes out the account and then sends a check for the $20 to the user in the mail.
The co-founder of Checkout 51, Noah Godfrey, talked about the idea behind his startup and said that, “Since the Coca-Cola Company issued the first coupon 125 years ago, coupons haven’t changed much. Shoppers have to do a lot of work to save money on groceries, clipping or printing, stuffing wallets, holding up checkout lines. Checkout 51 makes it easier to get discounts on peanut butter, toilet paper and everything else found in a grocery store.”
Checkout 51 aids the discovery of discounts by updating its subscribers and other users by highlighting products. This helps consumers shop according to rebates so that they can save more money. The Canadian startup has been in business for only a couple of months but already has eight employees and has paid out $10,000 to consumers.
The Ottawa Citizen states the firm is in “good financial shape” even though the money being paid out is mostly coming from the founder’s bank accounts. The self financed firm is going to seek venture capital next year.
Source: TechVibes
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