The closing of Cardlytics’ financing is part of an influx of funding that the company has received since 2008. Cardlytics investment partners include San Francisco-based Canaan Partners and Waltham, Mass.-based Polaris Venture Partners and Atlanta-based Total Technology Ventures. The additional financing comes at a time when demand for the Cardlytics platform has surged due to the growth of card-based rewards, especially in debit. Cardlytics’ innovative platform provides offers based on actual consumer purchase behavior and is provided at no cost to financial institutions.
Johnson, currently an investment partner at Total Technology Ventures, is the former vice chairman of CheckFree and led the development of many of that company’s electronic services. "The financial community is spending a significant amount of energy and resources determining how to provide the most valuable rewards to customers and increase loyalty. The Cardlytics approach is the most innovative in the industry, and enables banks to provide rewards without sacrificing their profit from interchange," said Johnson.
"Our investors believe that the Cardlytics approach to card-based rewards is far superior to those in use today at some of the largest banks, not only because it is highly targeted, but also because it is free." said Lynne Laube, president of Cardlytics. "Banks spend billions of dollars every year providing rewards to consumers. As we continue to prove that relevant rewards can be provided at no cost to banks, our customer base is growing and we required additional capital to meet the demand."
Prior to Cardlytics, Laube and founder Scott Grimes introduced decoupled debit to the financial industry.
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