ANZ Bank closed its affiliate marketing platform, Cashrewards, owned by its venture fund 1835i, as part of a significant corporate restructure. It was not immediately clear if the news is part of the wider restructure announced this morning where ANZ said it “expects approximately 3,500 employees to depart the Group by September 2026 and will reduce engagements with consultants and other third parties,” or whether this is separate.

The platform ceased making offers available on its website, app, and notified at midday on the day prior to the announcement.

As to the details, according to the short statement that has replaced the Cashrewards website;

Recent transactions on Cashrewards will continue to be tracked and either approved or declined within the next three days. Pending transactions as of Thursday, 11 September 2025, will be approved, allowing users to withdraw their cashback. Members are required to submit any untracked or queried transactions by 11:59am AEDT on Friday, 10 October 2025, for assessment.

Funds must be withdrawn by 11:59am AEDT on Friday, 24 October 2025, using the ‘Withdrawal’ option in ‘My rewards’. Members with linked bank or PayPal accounts will have their funds automatically transferred if not withdrawn by the deadline. PayPal withdrawals will cease at 11:59am AEDT on Friday, 24 October 2025, after which withdrawals will only be available to nominated bank accounts. Following this date, withdrawals will be processed manually, necessitating contact with member services.

The closure of Cashrewards has sparked significant discussion on LinkedIn among current and former staff and even board members

According Joshua Lowcock, a director of Cash Rewards until June this year, and UM Worldwide’s former Global Chief Media Officer wrote, “It’s sad to read of the ANZ decision to close Cashrewards after 10+ years. There’s so many emotions. The short version is that this impacts good smart people, who worked hard to build a 100% Australian business that served 2MM+ Aussies, delivered $165MM of Cashback, drove $4B in sales for retailers, and gave back $1.9MM to the Starlight Children’s Foundation Australia helping 45,000+ families in need. That is a real impact.

Lowcock said Cashrewards built a true retailer-agnostic retail media network, made competitors work harder (and competition is important), and helped establish affiliate marketing in Australia as a strategic media channel. “To everyone at Cashrewards, you should be proud of what you built, the lives you have changed, and I am here for you as a friend and ear as you explore what comes next.”

Andrew Beetson, Head of Marketing at Cashrewards, wrote, “Our team was informed today, that Cashrewards is being closed by ANZ bank with most staff (including me) to be finishing up on Friday this week. Having been with the company for the last 16 months, and helping so many Aussie families save on their daily spends through a time of rising bills has been an honour.”

Beetson noted, “I’m proud of my team, and what we have achieved in such a short period of time, creating one of the best marketing teams in the country. Executing daily to serve over 2.5 million members – but unfortunately this was not to last.”

The decision to close Cashrewards comes as ANZ Bank reveals its broader strategic realignment.

On the wider ANZ Bank restructure, ANZ Chief Executive Officer, Nuno Matos, said, “My ambition is for ANZ to be the best bank for our customers, while ensuring we sustainably meet the performance expected over the long-term.

“We know this will be difficult news for some of our staff. While some of these changes have already commenced, we are committed to working through the impacts as quickly and safely as we can, with both care and respect for our teams affected.”