Fluz reported 126% growth in Instacart gift-card volume on its platform from 2024 to 2025. The September 2, 2026 case study also describes faster growth across matched seven-month windows and a larger share of campaign buyers who were either new to buying Instacart on Fluz or returning after a gap. These are results within Fluz’s distribution channel. [S01]
Comparable windows show faster platform growth
Fluz says gift-card volume increased 63% from 2024 to 2025 and 133% from 2025 to 2026 when it compared the identical seven-month stretch in each year. That is a different comparison from its 126% full-year result. The public case does not name the seven calendar months or provide the absolute gift-card totals, so these rates should not be relabelled as January to July or extrapolated to annual sales. [S01]
Growth across the same seven-month window
Fluz-reported Instacart gift-card volume growth for an identical, unnamed seven-month stretch in successive years.
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Source
The source specifies matched seven-month windows but not the calendar months or absolute values. These are reported platform results, not full-year forecasts or Instacart-wide growth.
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| Category | Gift-card volume growth |
|---|---|
| 2025 versus 2024 | 63% |
| 2026 versus 2025 | 133% |
The two businesses play different roles. Instacart supplies grocery and retail technology and says its current network spans more than 2,200 retail banners and nearly 100,000 locations. Fluz offers a way for members to buy merchant gift cards and earn cashback. That retailer-network footprint is background on Instacart’s business, not the population measured by the Fluz campaign results. [S02] [S05]
The campaigns used Fluz Parties, in which cashback can rise as more members participate. Members can buy the card during an offer and redeem it later. Fluz describes merchant marketing funds as the source of cashback, but the case does not disclose Instacart’s campaign budget, commercial fees or the costs included in its stated returns. The reported volume growth therefore cannot establish incremental profit. [S03] [S04]
More campaign buyers were new or returning to the channel
The fall campaign comparisons describe the composition of buyers more precisely. The share making their first Instacart purchase on Fluz rose from 34% in 2024 to 45% in 2025. The share with no Instacart purchase on Fluz for at least six months rose from 6% to 12%. Each is a share of that year’s fall buyers; neither establishes the absolute number of people acquired or reactivated. [S01]
The fall buyer mix changed
Shares of Instacart gift-card buyers during Fluz’s fall campaigns, as classified by their purchase history on Fluz.
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Source
Company-reported buyer shares. Exact campaign dates, buyer counts, recruitment and classification details are undisclosed. Categories are displayed separately and are not added together.
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| Category | First Instacart purchase on Fluz | No Instacart purchase on Fluz for at least six months |
|---|---|---|
| Fall 2024 | 34% | 6% |
| Fall 2025 | 45% | 12% |
A first purchase on Fluz is not necessarily a first purchase from Instacart. Likewise, a six-month absence from buying that merchant’s cards on Fluz does not show that a person stopped using Instacart. These distinctions matter when interpreting the case as evidence about customer acquisition rather than channel adoption.
The figures support a narrower conclusion: the reported fall buyer mix shifted towards people with new or lapsed Instacart card-purchase histories on Fluz. A control group, matched buyer records and a reconciliation of card loads with actual redemption would be needed to distinguish additional retail demand from customers switching payment or reward channels. The public case does not supply those measures.
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Suzie Elis
Suzie Elis covers gift card products, digital gifting and distribution for Gift Card News.