ANZ Bank has closed its affiliate marketing platform, Cashrewards, as part of a significant corporate restructure that includes reducing its workforce and third-party engagements.
Why it matters: The closure of Cashrewards, which had over 2.5 million members, reflects ANZ Bank’s broader strategic realignment to focus on core operations and long-term performance.
The details:
- Cashrewards ceased offering deals on its website and app following the announcement.
- Users must withdraw funds by October 24, 2025, or they will be automatically transferred to linked bank or PayPal accounts.
- The shutdown has stirred significant discussion among current and former staff on LinkedIn.
- The decision aligns with ANZ Bank’s plan to reduce its workforce by around 3,500 employees by September 2026.
What they’re saying:
- “Our team was informed today that Cashrewards is being closed by ANZ bank, and most staff, including me, will be finishing up on Friday this week. Having been with the company for the last 16 months, and helping so many Aussie families save on their daily spending during a time of rising bills has been an honor.” – Andrew Beetson, Head of Marketing at Cashrewards
- “My ambition is for ANZ to be the best bank for our customers while ensuring we sustainably meet long-term performance expectations. We know this will be difficult news for some of our staff. While some changes have already commenced, we are committed to working through the impacts as quickly and safely as we can, with care and respect for our affected teams.” – Nuno Matos, ANZ Chief Executive Officer
The background: Cashrewards, founded in Sydney in 2014, was owned by ANZ’s external venture capital, 1835i Ventures. The platform offered cash rewards for purchases made through its affiliate links to various retailers.
What’s next: The closure of Cashrewards is part of ANZ Bank’s broader restructuring efforts to streamline operations and focus on core banking activities. The bank plans to reduce its workforce and decrease engagements with consultants and other third parties in the coming years.