Fetch launches new world-leading receipt scanning technology

Proprietary next-generation receipt-scanning technology improves accuracy with item recognition, product intelligence and enhances user experience

MADISON, Wis., March 7, 2023 /PRNewswire/ -- Fetch, America's No. 1 rewards app, today announced the launch of its next-generation computer vision and product intelligence engine that enhances all aspects of receipt understanding, product identification, and app performance. The most significant product launch in Fetch history outside the app itself, this suite of technologies is accelerating the company's growth and cementing its position as the world's leading consumer-engagement platform.

"Receipt understanding is a very complex problem. There is no unifying standard of what retailers print on receipts, and we have a fraction of an instant to turn a mobile image into clear, accurate, machine-readable understanding," said David Berk, Group President, Product and Technology for Fetch. "Today, in every dimension, Fetch scan-and-match technology is the best in the world."

Fetch gives brands the ability to create campaigns and run offers directly on the Fetch platform. Technology and innovation is central to the Fetch product and service. As the company has grown, Fetch has prioritized massive investments in its engineering, artificial intelligence and machine learning teams. The culmination of a multiyear initiative involving multiple cross-functional teams, this technology is the most advanced scan-and-match capability ever built, available exclusively on the Fetch platform.

"We rely on document understanding machine learning models to not only read text from receipt images and label the text according to what it is describing, but to also map the line items to as specific a product as possible in our extensive product catalog," said Drew Crawford, Vice President Engineering.

Since launch, the next-generation computer vision and product intelligence technology has improved accuracy in text detection and token labeling by an order of magnitude and has enhanced app performance and stability for brands and consumers alike.

"Every time we increase the accuracy of our product recognition, that translates to better targeting and greater efficiency for partner brands," says David Sommer, Chief Customer Officer for Fetch. "These improvements, combined with our unparalleled ability to activate consumers within the app and drive incremental sales, make Fetch the most powerful adtech platform on the market."

Beyond the engineering, building this new technology also involved a significant "boots on the ground" effort to manually train the system on how to accurately recognize the various product codes and abbreviations that appear on receipts. Fetch team members shopped at hundreds of retailers nationwide, purchasing items, submitting receipts, and mapping out the retailer-specific codes and short-product descriptions of hundreds of thousands of unique items. Fetch donates the products purchased during this initiative to a variety of charitable organizations across 17 states.

By providing a digital view of the physical world, Fetch allows brand partners to leverage this intelligence by running precisely targeted offers and promotions directly on the Fetch platform. These campaigns drive incremental sales by activating the highly engaged user base and optimizing based on immediate purchase feedback from within the closed-loop system.

Founded in Madison, Wis., Fetch is on a mission to help people have fun and save money on every purchase. The No. 1 rewards app on the market, Fetch has more than 17 million monthly active users who have collectively submitted more than 5 billion receipts and earned more than $550 million in rewards points. A top-ranked app in the App Store and Google Play Store with more than 4 million five-star reviews from happy Fetchers.

CONTACT: Allison Geyer, [email protected]

SOURCE Fetch