Ibotta, the company behind a US retail app which gives users cash back when they shop, raised another $40 million “to help aggressively scale its mobile loyalty platform”.

In an interview with Denver Post, Bryan Leach, CEO, said that the app has seen 12 million downloads and paid out $40 million in rebates. Launched in 2011, it has raised $73 million in the last three years.

Ibotta’s series C funding will help it to grow its consumer base and triple its current team and footprint in its home of Denver, “as it looks to establish itself as a household name across the country,” the company said.

It also wants to further build relationships in the grocery and consumer packaged goods industry and expand retail partnerships.

For advertisers, the company said it enables direct interaction with consumers, and its ‘pay-for-performance’ model means that brands and retailers only pay for their mobile media and engagement when it results in a verified sale.

“I’ve witnessed first-hand how Ibotta is using mobile technology to change how consumers shop, and how it is driving in-store sales for their partners,” said Jim Clark, entrepreneur and Netscape co-founder, who was lead investor of the round.

“Ibotta is the bridge that ties media to brick-and-mortar sales, at the item level. It is exactly what the advertising industry has been clamouring for,” he added.