Ibotta, Inc. Goldman Sachs Communacopia + Technology Conference 2026

Yeah. Again, thanks for having me.

Of course. So if we go back to where it started, there is kind of three beats to this story.

The first beat is Ibotta, the direct consumer app. Ibotta was founded with the idea that there was a way to deliver digital cash back rewards and digital savings to consumers. The company was built around an app that you would download from the Google Play Store or the App Store. You would log in, you would see some discounts, you would go to your grocery store, you buy them, everything was great. That business, over the course of time, had a lot of traction. There were 50 million downloads, or there have been 50 million downloads of the app. There was a significant amount, billions of dollars in cash back given to American consumers. Everything was really cool. The challenge is, running a digital app business is really difficult.

It is hard to get people to stay engaged. It becomes expensive to get new customers into the business. The company realized to hit the scale that it wanted, it needed to maybe rethink or retrench. At that point, the company did a deal with Walmart to be the exclusive provider of item level cash back rewards. It comes to life in something called Walmart Cash, fully Walmart branded. You would never know anything about Ibotta when you are in the Walmart experience, and that is part of the beauty of the experience. That initial deal started what we refer to now as the Ibotta Performance Network. Within the Ibotta Performance Network, we meet American consumers in native ways inside the dollar channel at Family Dollar and Dollar General, inside Last Mile with Instacart, DoorDash, and Uber, some regional grocers like Schnucks and Giant Eagle.

Most recently, we are really excited to add 7-Eleven to the experience, the convenience channels. Very exciting. Think about that first V1. You have got proof of product market fit. We love that. Next, we expand the network. Now we have scale. We have got real scale that we are working with. We are now entering a part of the business that is about delivering proof back to the CPG. We want to show the CPG that when they spend a dollar with us, they are driving incremental revenue to their business. We want them to see that we are delivering profitability for their business and that we are not a subsidization vehicle. We are in that journey right now, but it is a very exciting place to be. If you can deliver performance on behalf of an advertiser and you can deliver scale, you are in a really nice place.

Yeah. I was saying this earlier today. Chief Revenue Officer seems to mean something different at every single company you go to. In my case, I joined to lead the sales business, then we realized we needed to build a B2B marketing practice inside of the revenue team, so we did that. Then we built a revenue operations team to help make sure the trains are running on time. Most recently, we've brought in a measurement and insights team- Yep again, to help the team.

What we really focused on is pivoting from a reactive sales force to a proactive sales force. We have been really focused on building this, what I consider to be a flywheel, where we are showing up to talk to the customer in a customer-centric way. We want to ask the right questions to understand what is most important to that brand. Just because one food brand wants to go left does not mean all the food brands want to go left. So it is important to show up and ask the right questions.

From there, we are really working closely with the marketing team to bring the right materials and to really promote the right ways to show up inside of the experience, rather than just showing up every time and saying, "Hey, would you like to run a promotion on Walmart?" Or, "Would you like to run a promotion inside of Ibotta?" We are getting much closer to either seasonal moments or maybe industry-focused moments that really speak to the customer. Then finally, we have got this revenue operations team that is tracking everything just to understand what sales plays are working. Well, how is it working when we send this email versus that email? When we show up in person, how much more effective we are. All of that shows up like sales. But without the whole thing, you are a much less effective sales force.