Ibotta, a mobile rewards platform headquartered in Colorado, has raised money in a Series D funding round at a $1bn valuation.

The funding round was led by Koch Disruptive Technologies (KDT), though the sum raised was not disclosed.

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Using the infusion, Ibotta intends to further innovation through its payments solution Pay with Ibotta.

Introduced earlier this year, the payment solution allows shoppers to instantly get cashback upon paying for their purchases at retailers via Ibotta app.

KDT managing director Byron Knight said: “Fintech, and payments specifically, is an industry ripe for innovation and disruption, and we recognise the incredible potential in Ibotta’s efforts to use rewards to completely change the way consumers shop – from when and where they shop to what they buy, to how they pay for it.

“Beyond being just a capital provider, we look forward to bringing additional capabilities to help Ibotta deliver even more value back to consumers.”

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Ibotta enables users to earn cashback on purchases at over 1,500 brands and retailers.

The firm intends to speed up hiring plans next year and expand its downtown Denver presence.

Ibotta founder and CEO Bryan Leach said: “While we’ve reached the point of critical mass awareness when it comes to paying with our phones, there’s still one piece missing on the path to true adoption: rewards.

“Through a shared vision with KDT and our expertise in rewards and consumer psychology, we are best-positioned to transform the emerging $100 trillion global payments market.”