December 29, 2020 | Deals

GCA Altium advises Refunder on its sale to Top Online Partners Group

GCA Altium has advised the shareholders of Refunder, the Nordic market leader in cashback sites, on its sale to Top Online Partners Group, Europe’s leading cashback platform which owns brands including TopCashback.

Refunder was founded in 2014 by Fredrik Ohlsson and Victor Dahlborg in Stockholm, Sweden, with the ambition to establish the cashback model on the Swedish market and become the natural starting point for Swedish consumers’ online shopping. Today Refunder has over 600,000 members and close to 1,000 well known retailers on Since 2018, Refunder has had operations in Poland too.

eEquity, Bonnier Ventures and management have announced a full exit of Refunder. Top Online Partners Group has acquired a large minority ownership in the company and will gradually take over 100% of the business over a 3-year period.

Established 16 years ago in the UK, and with more than 15 million members worldwide, TopCashback is a cashback shopping site that helps its members save as much money as possible on their shopping by offering money back on everything they buy when clicking through the site. Since its establishment, the business has expanded to become one of the largest cashback companies in the world, having achieved No. 1 status in the UK and launching in the USA, China, Germany and India, as well as establishing a successful white label business.

Ulrika Saxon, CEO of Bonnier Ventures and Chairperson of the Board of Refunder, commented: “We invested early in Refunder, in 2014, and have seen the company grow steadily and successfully into its position as a Nordic market leader. We are impressed by the strong management team, and this step is proof of their hard work and impressive performance. We look forward to welcoming TopCashback as a new investor with great relevance around the cap table.”

Fredrik Ohlsson, CEO and Co-Founder of Refunder, added: “Becoming part of the TopCashback Group, one of the largest cashback businesses in the world, gives us an enormous strength in the Nordic market. We will now be able to attract even more high-end merchants to our platform, and the offer to our members will be far better than anything else on the market. We have many super cool features that will be launched on the platform during the coming year.”

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