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Business Operations Business Models

How Does Upside Make Money (Business and Revenue Model)

The Upside business model

Upside logo
Here’s what you should know:
  • What is Upside, and how does Upside work?
  • How does Upside make money?
  • Profit Sharing (with partnering merchants)
  • Upside profit and revenue
  • What is the Upside business and revenue model?
  • Upside funding, net worth, and valuation
  • Upside subsidiaries, acquisitions, and exits

How does Upside, formally GetUpside, make money and how is it free to use? Well, here is a full, in depth, breakdown of their main revenue stream and services they offer, as well as the Upside business and revenue model, how much Upside makes per year, and how Upside works.

What is Upside, and how does Upside work?

Upside, formally known as GetUpside, is a cash back rewards app that pays its users for when they spend money at select gas stations, stores, etc.

Founded in 2015 by Alex Kinnier, Jan Rubio, Joanna Kochaniak, Rick McPhee, Thomas Vaughan, and Wayne Lin, Upside has now brought in more than $350 million in profit for their more than 50,000 partnering merchants since its founding back in 2015.

To add to that, Upside has also paid out more than $200 million to their Upside cash back users, to date.

So, how does Upside work? To use Upside, users must first either download their mobile app on Apple Store or Google Play store; and create an account.

Once signed up, users can simply just enable the location tracking in their phone settings to see the nearby participating cash back stores and begin earning each back with each purchase.

Some of Upsideā€™s competitors include IbottaFetch Rewards, HoneyGrouponSwagbucksRetailMeNot, Rakuten, and other cash back reward programs.

Upside App in Apple App Store | Upside Business Model | How Does Upside Make Money? | How Does Upside Work?
Source: Apple App Store | Upside

How does Upside make money?

According to Upside, Upside has brought in more than $350 million in profit for their more than 50,000 partnering merchants; as well as another $200+ million paid out to the Upside cash back users.

So how does Upside make money off of all these merchant partners and all of the profit they are bringing in for them?

Below is a breakdown of how much money Upside makes and its revenue model. Including all revenue streams and how much they charge for their services.

Here is how Upside makes money in 2022

Upside has a revenue model that makes money in just one (1) way; by sharing the profits they generate for their partnering merchants.

#1. Profit Sharing (with partnering merchants)

Upside makes all of its money through the revenue they share, or commission, from their partnering merchants.

How does Upside make money from their partnering merchants? Upside makes money every time an Upside user makes a purchase at a partnering merchant store (i.e. filling their gas, etc).

When this happens, Upside and the partnering business share in the profit earned on that purchase. (also known as profit sharing)

As noted above, Upside has brought in more than $350 million in profits for their more than 50,000 partnering merchants since its founding back in 2015. Of which, Upside takes a cut of all of that profit. Although Upside does not make mention how much that profit split is.

Upside cash back rewards | Upside Business Model | How Does Upside Make Money? | How Does Upside Work?
Source: Upside

Note: Upside has generated more than $350 million in profits for their 50,000+ partnering merchants through the app.

Upside profit and revenue

Upside has not released any official reports in regards to company earnings.

Note: Because Upside Services, Inc. is a privately held company, they are not required to make their annual reporting, such as Form 10-K’s, pubic.

What is the Upside business and revenue model?

Upside makes money through a few revenue models that they combine within their company, they are:

  • Revenue sharing business model
  • B2B2C (partnerships) business model

Upside funding, net worth, and valuation

According to Upside’s Crunchbase profile, Upside has raised $265 million over 6 rounds and has a post-money valuation of $1 billion to $10 billion as of April 26, 2022.

Upside subsidiaries, acquisitions, and exits

To date, Upside Services, Inc. has not made any acquisitions, investments, or exits.