OnBuy, a popular cashback marketplace from the United Kingdom, has quietly begun its European expansion. The business reports 30 percent day-on-day sales growth in key European markets, with a rapidly growing backlog of retailers.
OnBuy has been one of the fastest-growing ecommerce companies in its domestic market for years. Since its founding in 2016, it has also secured substantial funding from both domestic and international investors.
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The Cashback Marketplace
According to founder Cas Paton, the secret behind the company’s growth lies in “not selling anything”: the platform merely connects supply and demand. Consumers are also drawn to OnBuy’s cashback scheme on all purchases, which serves as another unique selling point. The company describes itself as ‘The Cashback Marketplace’, a model that is being emulated internationally.
International growth phase
To broaden its offering, OnBuy introduced an international seller drive in 2022, though it remained focused on British buyers until recently. In October 2024, the company announced a significant international growth phase, targeting shoppers from continental Europe by the end of the year.
OnBuy announced its European expansion plans last autumn.
Although OnBuy has since remained quiet about these plans, the company has taken steps in several European countries. Subdomains of OnBuy.com are now available in languages such as French, German, Spanish, Italian, and Dutch. Paton reports a daily sales increase of 30 percent in key European markets but has not disclosed specific figures.
A global ecommerce business
The company’s ambitions extend even further. OnBuy has announced plans to move its headquarters from Bournemouth to London and establish a base in New York to enter the U.S. market. This marks the beginning of a period of rapid international expansion, which OnBuy says will establish it as a global ecommerce business.
Record year
In the final quarter of its record-breaking 2024, OnBuy recorded revenues of 44 million British pounds, a 37 percent increase compared to the same quarter the previous year. Gross profit for the period was approximately 19 million pounds.
OnBuy achieved 37% revenue growth in the final quarter.
According to the online marketplace company, it is reaping the benefits of its large-scale AI implementation, which contributes to improvements for both consumers and sellers. Meanwhile, OnBuy continues to expand its workforce to support its international growth ambitions, with a 30 percent increase in jobs expected this year.
Transition year
The new office locations in London and New York aim to enhance OnBuy’s appeal as an employer. “To become a leading global ecommerce platform, we must harbor the best tech talent in the world and continue to invest”, said Paton. He added, “2025 will mark a transition year for us – we are ready for our next phase of growth.”
