CardFree buys 51% stake in deals and events site SoRewarding

Consumer loyalty and repeat custom

Online deals and events site, SoRewarding, is selling a 51% stake in itself to private equity firm CardFree in an undisclosed deal. The firm runs a reverse deals model, allowing consumers to band together or act individually to suggest deals to local merchants, who accept or reject the proposal within 24 hours. The service aims to encourage consumer loyalty and repeat custom for merchants. The firm, formerly known as SoBiz10, is now re-branding as it launches a new events service that will enable users to organise events at restaurants and bars and propose a group discount deal to the merchant. The merchant will also have 24 hours in which to accept, reject or make a different offer.

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