ANZ Shuts Down Cashrewards After Airwallex Sale
ANZ’s venture capital arm, 1835i, has made headlines this week after announcing the closure of its cashback business, Cashrewards. The move comes shortly after the fund sold off its stake in fintech giant Airwallex, locking in a hefty return.
Now, here’s what happened. Cashrewards, which many Aussies would know as a platform that gave shoppers cashback when making purchases through partnered retailers, was officially wound down this week. Customers were notified on Monday afternoon that the service would no longer be available. For many, this probably came as a surprise, given the popularity of cashback deals. But from ANZ’s perspective, Cashrewards just wasn’t delivering the kind of growth or profitability they had hoped for.
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This decision was made in the context of ANZ recently cashing out of a much more successful venture—Airwallex. Airwallex is one of Australia’s standout fintech companies, focused on international payments. ANZ had originally invested in it through 1835i, and just days ago, it sold its shares back to Airwallex’s founders and executives. That sale brought in around $66.8 million, a strong return that helped the fund offset losses from underperforming investments like Cashrewards.
So what does this mean overall? Essentially, ANZ is streamlining its venture fund portfolio. Instead of holding on to businesses that are struggling, like Cashrewards, the bank is choosing to double down on more promising digital financial solutions. It’s worth noting that 1835i still owns stakes in other ventures, such as the digital receipts company Slyp, which may have stronger potential in the future.
From the outside, this all looks like a classic example of venture investing—some bets pay off, some don’t. Airwallex turned into a big win for ANZ, while Cashrewards didn’t live up to expectations. And while the closure might disappoint customers who enjoyed earning a little extra money back on their purchases, it reflects the tough reality of the start-up world: not every business model scales in a sustainable way.
In simple terms, ANZ’s message seems clear—it’s cutting its losses, banking its wins, and reshaping its investment portfolio to focus on where the future growth really lies. For everyday Australians, it’s another reminder of how quickly the fintech landscape can shift, with once-popular platforms disappearing almost overnight.
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