Total amount raised
$30 Millions
Latest funding date
03/01/2022
Location
Kard has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform offers a modern rewards network through a rewards-as-a-service API, designed to drive loyalty for cardholders and shoppers.
Keep reading to explore the intricacies of Kard's fundraising journey and the investors backing this innovative platform.
What Is Kard?
Kard, founded in 2016, is headquartered in New York City. The company was established by Ben Mackinnon and Jordan Wright. With a team of over 50 employees, Kard offers a modern rewards network through a rewards-as-a-service API.
How Much Funding Has Kard Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: 2020
- Lead Investors: Underscore VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To pivot from helping consumers compare credit card rewards to providing an API for companies.
- Series A Round
- Amount Raised: $23 million
- Date: April 2022
- Lead Investors: Tiger Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the merchant network and launch new reward and loyalty-related products. The company also plans to triple its team size by the end of the year.
Total amount raised: $23 million. Current valuation: Not publicly disclosed.
Key Investors
- Tiger Global
- Details: Tiger Global is a leading investment firm focused on public and private companies in the global Internet, software, consumer, and financial technology industries. They have a history of backing high-growth companies at various stages of development.
- Investment Focus Areas: Technology, software, consumer, financial technology
- Notable Investments: Facebook, LinkedIn, Stripe
- Fin Capital
- Details: Fin Capital is a venture capital firm that specializes in early-stage investments in fintech and financial services. They aim to support innovative companies that are transforming the financial landscape.
- Investment Focus Areas: Fintech, financial services, technology
- Notable Investments: Not publicly disclosed
- s12f
- Details: s12f is an early-stage venture capital firm that invests in technology companies. They focus on supporting startups that have the potential to disrupt traditional industries.
- Investment Focus Areas: Early-stage technology, startups, innovation
- Notable Investments: Not publicly disclosed
- Underscore VC
- Details: Underscore VC is a venture capital firm that invests in early-stage technology startups. They provide not only capital but also strategic support to help companies grow.
- Investment Focus Areas: Early-stage technology, startups, innovation
- Notable Investments: Snyk, Mabl
What's Next for Kard?
As Kard looks to the future, the opportunities are vast. The company plans to expand its merchant network and launch new reward and loyalty-related products. With a customer base that includes traditional banks, neobanks, and fintech companies, Kard is well-positioned to capitalize on the growing demand for customizable rewards programs. The potential market size is significant, with Kard already working with 30 issuers and processing around 60 million transactions per month.
Future fundraising opportunities seem promising, especially given Kard's recent $23 million Series A round led by Tiger Global. This influx of capital will likely support further expansion and innovation. However, challenges remain. Competition from traditional rewards programs and the need to manage and expand merchant partnerships could pose hurdles. Ensuring seamless integration of rewards into various issuers' user interfaces will also be crucial for sustained growth.
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