Fredrick Ohlsson and Victor Dahlborg founded Cashback site Refunder in 2014, with investor banking, and it quickly became the largest of its kind in Sweden, now boasting 600,000 members in Sweden and 100,000 in Poland.

Based in Stockholm, the company also operates Bast-I-Test, which undertakes consumer product tests. TOPG will initially take a large stake in the business, and this will grow to 100% ownership by 2024.

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

Olly Ragg and Mike Tomkins started TopCashback in the UK 16 years ago, from Mike’s dining room. Since then it has expanded to become 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.

What the founders have to say about the news

Speaking of the acquisition, TopCashback co-founder and Director at TOPG Olly Ragg said: “TopCashback has grown phenomenally from when we first started it in 2005. Key to this was our commitment to offering members the best money-saving deals possible, and to what we call fair play. Meaning we have always tried to do the right thing in any situation.

“Welcoming Refunder to our Group is the next step in reaching even more people to help them save as much money as possible.

“The company’s values align very closely with our own in that it always puts its members first and prioritise people before profit.  We very much look forward to working with the Refunder team to develop its unique proposition and helping their members save even more money.”

CEO and Co-Founder of Refunder, Fredrik Ohlsson, said: “Becoming part of TOPG gives us an enormous strength in the Nordic market. We will now be able to attract even more high-end brands to our platform, and the offer to our 700,000 members will be far better than anything else on the market. We have many super cool features that will be launched on the platform during the coming year.”