Incremental financing aimed at accelerating user growth and further innovation

NEW YORK – September 16, 2025

Morgan Stanley Private Credit announced today that it has led an incremental senior debt financing for Fetch, America's Rewards App, upsizing the existing debt facility to $110 million aggregate. Morgan Stanley Private Credit initially provided debt financing to Fetch in March 2024.

Fetch continues to expand into new market verticals, moving it closer to its vision of becoming a universal rewards platform. This strategic transaction will further accelerate product innovation, development of the platform’s proprietary AI and machine learning technologies, and investment in growing its user base.

“We value Morgan Stanley Private Credit’s partnership as we continue to grow,” said Gideon Oppenheimer, Chief Financial Officer at Fetch. “With this investment, we are setting the stage for ongoing expansion as we rapidly scale our new product offerings and further develop our network of brand partners.”

“We are pleased with the growth Fetch has achieved since our initial financing last year,” said Ashwin Krishnan, Head of North America Private Credit, Morgan Stanley Investment Management. “This financing underscores our conviction in Fetch’s compelling customer proposition.”

About Fetch

Fetch, America’s Rewards App, empowers consumers to live rewarded and helps brands create lifelong customers through the power of Fetch Points. Designed to acquire and retain consumers, Fetch has unparalleled visibility into what people buy, capturing billions of spending transactions annually using cutting-edge artificial intelligence and machine learning technologies. Users submit 11 million receipts per day and have earned more than $1 billion in Fetch Points. The app is available to download on the App Store and Google Play Store and has more than 5 million five-star reviews from happy Fetchers.

About Morgan Stanley Private Credit

Morgan Stanley Private Credit, part of Morgan Stanley Investment Management, is a private credit platform focused on direct lending and opportunistic private credit investment in North America and Western Europe. The Morgan Stanley Private Credit team invests across the capital structure, including senior secured term loans, unitranche loans, junior debt, structured equity and common equity co-investments. For further information, please visit the website: morganstanley.com/im/private-credit

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.7 trillion in assets under management or supervision as of June 30, 2025. Morgan Stanley Investment Management strives to provide strong long-term investment performance, outstanding service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit https://www.morganstanley.com/im

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firms employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit https://www.morganstanley.com/