Cardlytics closes $70M funding round, preps for IPO
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- Ellie Hensley
- Staff Writer- Atlanta Business Chronicle
- Email | Twitter
Atlanta payment software firm Cardlytics has raised $70 million in a round led by Discovery Capital as the company preps for an IPO.
Cardlytics' software helps retailers, restaurants and service providers deliver ads to specific consumers, via banking websites. The Series F investment will be used for marketing.
Discovery Capital is a hedge fund that generally invests in public companies, Cardlytics co-founder and President Lynne Laube told the Wall Street Journal. Laube said Cardlytics will prepare for an IPO in the next year to 18 months, although there is no rush.
Cardlytics' customized ads are based on transaction information gleaned from consumers' bank-card use, such as where they shopped in the past month and how much they spent. The transaction data is scrubbed of personal information, so merchants can't identify individual shoppers.
Clicking on an ad turns the consumer's bank card into a virtual coupon, usable online or in a brick-and-mortar store. When the customer makes a purchase, the advertised savings are automatically credited to their bank account or rewards program.
Cardlytics' business model is merchant-supported. Merchants pay once the consumer redeems the advertised offer. The offers, which can provide cash back or reward points, typically provide savings worth an average of $200 annually, but with no maximums. The targeted approach means consumers who receive offers are more likely to redeem them.
Cardlytics has partnered with more than 400 banks, including Bank of America, Lloyds Banking Group and PNC Bank . The company also has offices in London, New York and San Francisco.
Ellie Hensley is an entertainment, health care and general assignment reporter.
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