Founder and managing director Irina Pafomova said the company is looking to raise the money to finance its entry into overseas markets. Shopitize is looking to raise up to £2 million.
The firm claims that users of its app can save more than £1,000 a year on shopping bills by comparing prices and taking advantage of its exclusive offers.
The app monitors prices and offers at Tesco, Sainsbury’s, Asda, Waitrose, Morrisons and the Co-Operative.
The app can be downloaded on Apple and Android-based phones.
While shopping in the supermarket, users scan in the bar codes of the products they are buying into the app to check if they are on offer.
After people use the app to scan in their receipts, they receive cash in either their PayPal or bank account.
Shopitize says that over the next three years, mobile media channels will influence more than £100 billion in sales in UK stores alone.
It claims that with shoppers spending more of their time on their mobile devices, its app can act as another cost-effective platform that super- markets can use to reach shoppers.
Before founding Shopitize, Pafomova was a City investment banker.