Cashrewards is the first ASX-listed company to pledge to give 1% of its equity to charity.
Cashrewards founder, Andrew Clarke, knows firsthand the importance of the work of Starlight Children’s Foundation. His own child had battled with cancer. So, when looking to give back through his company Cashrewards, it was an easy decision choosing a charity partner.
“When we established Cashrewards, giving back was at the centre of our motivations,” says Andrew.
Cashrewards is a cashback e-commerce platform that allows customers to earn cashbacks on transactions. Early in their journey they had joined the Pledge 1% movement. Co-founded by Salesforce, Atlassian and Rally, the movement encourages companies to pledge 1% of equity, time, profit, or product.
Since 2014 the company has donated 1% of every transaction to Starlight, but now has made history by being the first Australian company listed on the Australian Securities Exchange to pledge 1% of equity.
“I think being the leading Australian owned and operated cashback platform with a baked-in social purpose has been instrumental to getting us to where we are today.”
The Pledge has been taken up by a myriad of companies such as Canva, Charter Hall, Zoom and Yelp. It aims to make philanthropy part of the DNA of a business, as opposed to an afterthought.
The partnership between Cashrewards and Starlight Children’s Foundation has helped more than 8,000 sick children, and this additional pledge will only magnify this impact.
For Starlight, now a shareholder of Cashrewards, this pledge provides a new and long-term funding model.
“With this incredibly generous gift from Cashrewards, Starlight will be able to support even more sick kids at a time they need it most,” says Starlight’s Chief Executive, Louise Baxter.
“Starlight simply couldn’t do what we do without partners like Cashrewards.”
Cashrewards listed on the stock exchange on 2 December after raising $65 million in an initial public offering. As Pledge 1% focuses on encouraging businesses to give back, we’ll be watching closely to see if other companies follow suit.