Cashback company proves Oscar winner

CASHBACK website Ffrees Family Finance has acquired concessions website for the over 50s, OscarUK.

Still in its first year of trading, Sheffield-based Ffrees Family Finance, which has a headcount of 12, has a target turnover of £1m by the end of the year. Alex Letts, CEO, said OscarUK is “a natural fit” for the firm.

OscarUK, which was founded in Leeds in 2004, is a free online service, providing a central database of discounts, concessions and information aimed at the UK’s over 50s in a range of areas, including holidays, transport and finance.

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Ffrees is a free scheme designed to help families save up through their spending. Members receive credits as they spend, at supermarkets, motor dealers and travel companies for example. And once a member has 100 credits they can be converted into money.

Mr Letts said: “With over 21 million over 50s in the UK, it is this age group that can be hit hardest by falling interest rates and stock market threats to pensions, particularly as the economy struggles to recover.

“OscarUK is regularly voted in the top UK concessions sites and its addition to Ffrees is a key step forward in our ambitious expansion plans.”

He said that OscarUK members will be able to “immediately access a wider range of deals to help them save a nest egg for their retirement”.

Ffrees said the deal with OscarUK is worth up to £100,000, depending on the number of OscarUK members who convert to become Ffrees members and actively use the Ffrees website.