Norwegian company Infinity Loop AS, which operates cashback site KickBack.no, has sold a minority stake to Schibsted Vekst, a digital investment firm, which now has the option to snap up the rest of the company.
KickBack.no’s cashback programme is currently active across more than 200 online stores. It recently secured agreements with Hotels.com, Apple Store and Expedia in addition to local brands such as MPX, CDON and Platekompaniet.
Schibsted’s investment in the cashback provider is part of a strategy to strengthen its position in Nordic’s e-commerce sector. The company has also indulged in a number of similar acquisitions across Norway and Sweden.
Oslo-based Infinite Loop AS was founded in 2009 by Mats Staugaard, Arne Kepp and Magnus Kolstad. With Schibsted’s backing, Kolstad is hoping the influx of capital will set KickBack on a path to growth.
“Schibsted Vekst has a solid history of building great services and brands online,” Kolstad said. “With the backing of Schibsted we have everything we need to grow and become an even better service – for both consumers and online retailers.”
Infinite Loop AS joins a number of other companies that are already part of Schibsted Vekt’s portfolio including Møteplassen, Let’s Deal, Lendo, Ebok.no, Husleie.no, Byttstrøm and Duplo Media.