Dineyo helps retail businesses make new customers, increase sales via cash rewards

dineyo940With the explosion of online retailer, physical stores are increasingly forced to come up with new ways to drive sales. Discounts are one option, but Spanish startup Dineyo wants to take a bit of a different approach by allowing customers to earn cash whenever they shop at participating stores.

The service functions by allowing customers to scan a QR code when they go to make the purchase, which allows them receive a small percentage of money from the sale. That would nice enough already, but perhaps more appealing is that the service aims to allow users to obtain funds when they refer others to the service and those referred end up making a purchase.

One of the nicer aspects of the service from the user’s end is that it is free to download and use. Dineyo says that they generate income by taking a small commission on each transaction that they facilitate. It may not be easy for companies to willingly fork over a percentage of the sale, but a representative from Dineyo tells me that they believe that it is a more effective option when it comes to enticing customers to return.

Notable about this service is that it is solely geared towards Spanish speakers at the moment, but the company tells me that are planning to go global. They plan to focus on the region first, possibly moving into France, Germany, Italy, and other neighboring countries, but then might look at Asia or Latin America.

Dineyo launched back in September and, while they are hesitant to reveal the total number of users that they have picked up, they would say that they are growing at a rate of 12% per week.

They have mostly bootstrapped up to this point, but the company says that they have obtained a small amount of financing from a semi-public fund that does not take equity. They have also participated in the program at Barcelona-based accelerator Conector.

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