Cashback website gives shares for internet purchases
A new cashback website gives users rebates on their purchases at over 1,000 online retailers, in addition to shares in its business. 
The imutual consumer co-operative is free to join and can offer cashback payments worth up to around £100 on large transactions made using its site including buying insurance policies and switching energy providers.
The transactions will also earn users shares in imutual, with 10 free shares obtained for registering.
Founder Richard Yendall says imutual is primarily a cashback website. It provides links to well known online retailers such as Marks & Spencer, Debenhams, Tesco, Comet and B&Q.
People who use these links to visit the retailers and make purchases receive free cashback.
To reward loyalty, imutual also offers its members free shares in the company – imutual PLC – as a reward for doing things that benefit the company, like clicking on its sponsored links or spreading the word about iMutual.
imutual says members will own 90% of its shares, with staff owning the remaining 10%m and no ‘outside’ shareholders. It claims this means all share owners will work together and help fellow members to save money, earn cashback and find bargain deals. It adds that a central feature of iMutual’s website is its discussion forums, which enable members to interact, share information and co-operate.
Examples of imutual’s cashback offers to users are:
• Earn 6 per cent cashback on a hotel booking at Expedia
• Earn £5 for a first home delivery order at Tesco
• Earn £62 for switching to Scottish Power for gas and electricity
• Try Lovefilm’s rental service for free and earn £10
Richard Yendall previously founded one of the first UK cashback sites Rpoints.com in 2003 and he also organised conversion campaigns at several major building societies via his website www.carpetbagger.com