My Rewards is a fast-growing provider of shopping, loyalty, and rewards solutions for businesses and consumers.

The company has a market-leading position as an Australian provider of employee and consumer engagement programs for medium-to-large companies with over 20 years of continuous operations.

My Rewards has grown to become a major digital marketing business connecting more than 4.6 million customers and 100+ corporate clients with access to over 4,500 product and service suppliers.

Read the conversation:

Jack Colreavy:

"We’re here live in the Barclay Pearce Studio One. And I've got a very special guest with me. David Vinson, Chairman of My Rewards International. Thanks for joining me, David."

David Vinson: 

"Great to be here, Jack."

Jack Colreavy:

"Now My Rewards International is currently going through its IPO process. The prospectus has been lodged, the deal is live. It's such an exciting time for everyone. How's the feeling amongst the team?"

David Vinson:

"Look, it's a very exciting time, as you said for us. So there's been a lot of work over many months to get to this stage, we're very pleased that we pass through the exposure period, the feeling in the marketplace from the initial reactions have been very encouraging some really strong initial support. So we're looking forward to closing the offer, obviously, on time, and perhaps even early would be a fantastic result."

Jack Colreavy:

"Yeah, that would be an amazing result. So as you mentioned, we're cutting you around to various investors in what we term a roadshow, what has been the biggest challenge you've found meeting with investors and communicating the story about my rewards."

David Vinson:

"For us, it's been having to explain that we are in a very broad range of services. Whilst we're driven by a single tech that we've created, from our IP, we do provide a broad range of services such as: we do employee benefits, member benefits, we provide SAS solutions. And I think that's where some people need to appreciate such a broad range of opportunities that we can provide into clients and customers."

Jack Colreavy:

"Yeah you definitely need to borrow a phrase a jack of all trades there, you don't kind of fit into one single bucket - and it's a common sort of issue where people try to do that. They want to compare you to something to do the oranges to oranges, but it really is apples to oranges. Cash Rewards is a good example of that because it is listed on the ASX, everyone wants to make those connections there, but there is a huge difference between the two companies."

David Vinson:

"That's correct jack. So cash rewards run a very good program being affiliate model cashback, we have the same program, which is embedded in our system. But for us, that's just one of many, many benefits. We currently have over four and a half thousand suppliers, both local, state-based and national and even international suppliers. And what we provide our members is not only online benefits but also thousands of in-store benefits, whether it be a hairdresser or going to have something to eat literally anything from a coffee to a car you can purchase through us."

Jack Colreavy:

"Yeah, and that versatility in the platform enables a really cheap customer acquisition cost. You're taking your clients and they're providing - they’re the vector so to speak to acquiring your members. Is that correct?"

David Vinson:

"Yes. How we operate on the corporate side is we allow corporates to promote a program under their brand. So if we take the Telstra example, they'll be promoting a Telstra based employee benefit. We run the program, but it's branded as a Telstra program. So in relation to what you said about customer acquisition, we're in a position where the company's offering it to all their employees, and therefore, we have access to those employees to utilise the program."

Jack Colreavy:

"And that business model makes it very low risk and very cheap for you to make international expansions. Can you talk about the RIA contract?" 

David Vinson:

"Yes, well, that's probably one of the most exciting evolutions of the company. We’re successful in winning a contract with RIA financial. RIA is one of the largest money transfer companies in the world. They provide services to over 30 million customers worldwide. And we've been successful in providing our reward program that will underpin their points-based program globally."

Jack Colreavy:

"Huge, huge opportunity with their 30 million customers to acquire them and to bring them on to the My Rewards platform. So you’re going from being a private company to the public domain, you're going to be listed on the ASX, how have you guys prepared for that transition and for life as a public company?"

David Vinson:

"So first of all, we've been an unlisted public company. Anyway, we've got over 300 existing shareholders. So from a financial perspective, we've been operating as a listed company effectively without the ASX rules overseeing us. We now have to transition more to the ASX governance, which means continuous disclosure, forsee reporting. And I feel our team is well prepared for that, given we've been really operating under that type of regime for many, many years now."

Jack Colreavy:

"Yeah, it's a much higher regulatory burden. But if you’re well prepared for it, and you've got the right team in place, it should be relatively seamless. We'll just finish it off with I guess one final sales pitch to potential investors of my rewards."

David Vinson:

"So we're offering investors the opportunity to invest in our IPO. We're raising a minimum of $5 million at 20 cents per share, to have the oversubscriptions up to $7 million. And the offer for incoming investors is really to participate in the global growth of the business. As you've heard, we've got significant contracts. We believe we have a unique positioning with our AI and tech lead, loyalty and reward program and we're inviting investors to come in, we think at a very attractive multiple that we're going out with, which is 1.3 times pro-forma revenue."

Jack Colreavy:

"Yeah, I think it's a great offer and there are plenty of opportunities to grow with the company. Thanks so much for your time today, David."

David Vinson:

"Pleasure. Thank you, Jack."

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