By Claire West

Quidco.com the cashback and voucher code website, has reached one million members. Set up in 2005 as a way for students to save money, the site’s popularity has gone mainstream as everyone from students to pensioners has realised how much money they can save on their shopping.

Members save hundreds and in some cases thousands of pounds a year on everyday purchases.

For merchants, the involvement has also been fruitful. Seen as an alternative to big scale advertising for retailers, they reach a million potential shoppers on Quidco for a fraction of the price of a television or internet advertisment. And, until a transaction is made, they don’t pay a penny.

This year alone, Quidco has brought its retail partners £350 million worth of business. It has also generated business for smaller niche companies by giving them a platform to promote their services.

Hannah Green of Quidco said, “We are delighted with the success we’ve achieved. Currently, no site in the UK comes close to offering our breadth and depth of savings via voucher codes, money off discounts and cashback.

“But this is no time to slow down. Our plan for the future is to find more ways and places to save which means a combination of some great innovation and lots of footwork to recruit retailers to offer our members great deals.”

Quidco was set up in 2005 by Sheffield University students Paul and Jen Nikkel. In April 2009, Michael Murphy, the man who turned Friends Reunited into Britain’s largest membership organisation, came on board as Executive Chairman after leading a management buy-in to the company