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Ibotta’s expansion into enterprise should set it up for a successful IPO
Ibotta's recent partnerships with brands Exxon, Shell and Walmart helped the company reach profitability.
The 13-year-old cash-back startup looks to make its public debut after turning profitable and recording impressive revenue growth in 2023. The company has since expanded into building back-end software for reward programs for enterprise customers including Exxon, Shell and Walmart. That growth, and a resulting improvement in its gross margins — from 78% in 2022 to around 86% in 2023 — helped the company flip from persistent net losses to consistent profitability.
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