Ibotta is a digital promotions platform that connects CPG brands with consumers through cash-back offers. CPG brands pay Ibotta a fee each time a consumer redeems an offer and buys the promoted product — a success-based model where clients pay for outcomes, not impressions. Ibotta distributes offers through two channels: its own branded app, website, and browser extension (the D2C channel, roughly 28% of redemption revenue), and a white-label network of third-party publisher apps including Walmart, Dollar General, Instacart, and DoorDash (roughly 72% of redemption revenue). On the publisher channel, consumers redeem offers through the retailer's own app without needing an Ibotta account. Ibotta primarily serves CPG brands across grocery and non-discretionary categories, and works with over 900 clients representing more than 3,100 brands. Revenue is driven by three factors: total redeemers, redemptions per redeemer, and the fee per redemption. Beyond redemption revenue, Ibotta earns a smaller share from display ads, sponsored placements, and data licensing on its D2C properties. Ibotta's key strategic initiative is LiveLift, a platform layer that gives CPG clients real-time measurement and optimization of campaigns based on incremental sales, allowing brands to set a target cost per incremental dollar of sales and adjust campaigns in real time — applying performance marketing principles to CPG promotions. Ibotta's growth depends on expanding offer supply from CPG clients and growing its publisher network to reach more consumers.