In this post, we’re going to explore another highly innovative business which is expanding across continents by answering a specific need and solving an otherwise antiquated system. Let's take a closer look at one of our clients that has captivated us from the very first moment.
Gelt offers users a way to earn back real cash on purchases in supermarkets rather than simply coupon-based systems which we’ve all become so familiar with over the course of many years. Gelt uploads promotions every week which revolve around a clear system: cashback. The app user can be sure that, upon participating in Gelt’s innovative buy-and-earn system, they’ll receive real cash which they can then spend wherever they choose to do so. The system is three-step and easy to follow:
- Buy products at any supermarket
- Take a photo of your receipt and upload easily on the Gelt app
- When you accumulate €20, you can withdraw them from several ATMs
Gelt has come a long way: how it all started
Gelt was founded in 2014 by Alberto Benbunan alongside Carlos Prieto, impressive entrepreneurs who came up with a disruptive, innovative idea that revolved around changing traditional shop promotions and loyalty-based systems into something more exciting.
Alberto, originally from Venezuela, has an impressive track-record and experience in understanding startups in different markets. As far back as 2001, he was working on revolutionising the wireless communications industry in Venezuela and sharing ideas on how to foster entrepreneurship in Latin America through Wireless Around People as Venezuela’s Chapter Manager before moving to Spain.
In Spain, he started mentoring and taking on the world of startups and is currently partner and founder of at least three companies. He was awarded the 100 Latinos prize in 2010. With Gelt, Alberto and Carlos set out to make waves in the world of shop cashback and have created a system which is thoroughly exciting for both brands and customers and aims to create an attractive win-win situation. For his part, Carlos Prieto is an entrepreneur from Madrid with an enviable history of founding companies, management and mentorship.
Gelt is constantly evolving
Gelt has an ambition that is driven by an expert team. The company is constantly looking to expand its reach and inspire with easy-to-use solutions. These solutions include: Gelt Tech and Gelt Giro.
While solutions are still being developed, they aim to offer dynamic answers to consumer pains and provide totally different ways of earning and accessing cash.
As the company continues to expand, these solutions will prove highly useful for markets where payment and cashback earnings are still antiquated or controlled by a small number of players. The buzzword is convenience for all users.
Gelt Giro: innovation in remittance as part of the brand evolution
The mission when founding Gelt Giro, in the company’s own words, was born through the frequency with which they asked themselves the following question: “What is the best way to send money from Spain to Latin America?”
The app compares the best way to send money from any given country to another , comparing money transfer services and their commission rates. This analysis can be made between any two countries, but the clear focus so far has been Spain to Latin America, regions of vast experience for Gelt’s founders.
The Startup CFO views Gelt Giro as another project from this impressive startup that deserves attention, given that many markets are severely lacking in efficient remittance options and could benefit massively from this service.
Expanding with a passion for providing easy solutions
Gelt continues to consolidate and strengthen its position in Spain by broadening the range of solutions it can develop for both brands and consumers, while neighbouring Portugal is a market that falls fully into Gelt’s vision and is largely untapped in terms of the type of unique service they offer users. Gelt’s innovative culture is expanding to Latin American markets which present absolutely massive opportunities in terms of Retail and is now available in Argentina, Brazil, Mexico and Colombia, massive markets with a wealth of opportunities.
At The Startup CFO we are tremendously proud of Gelt's track record and very happy to have them among our clients.
At The Startup CFO we specialise in providing consulting and financial services for startups, contact us to have a detailed conversation about your financial needs and how we can help you boost your startup's finances.