Ann: Cashrewards Trading Update, page-16

CRW will continue to grow as people install the browser plugin etc and just make it a part of their online shopping.
It doesn't really matter if there are competitors like Shopback, who can't focus as clearly on the AU market as CRW can, or the dozen tin pot competitors who will dribble away from lack of scale.

For shareholders, the business is underpinned by regular and growing revenues. But I think the real opportunity will come from corporate action. Look at the value of flybuys or QFF for having a large membership base who regularly transact. This stock will end up with various partnerships contributing to revenues, and I expect will ultimately be acquired by a bank, credit card company or other related business (Afterpay? Finder? iSelect?).

I don't think we'll even need to be very patient. A couple more doubling of the customer numbers and they will be unbeatable.