Total amount raised
$30 Millions
Latest funding date
3/1/2022
Location
Kard has successfully raised $30 million in funding, supported by six industry-leading investors, including Underscore VC and Tiger Global Management. The company offers a modern rewards network designed to enhance loyalty programs 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 by Ben Mackinnon, is headquartered in New York, New York. The company specializes in providing a rewards-as-a-service API platform that enables partners to offer tailored rewards for customer transactions.
With a team of 51-100 employees, Kard focuses on making loyalty more rewarding for both cardholders and shoppers. Their platform empowers neobanks and financial institutions to enhance their loyalty programs.
Backed by $30 million in funding, Kard continues to innovate in the customer loyalty space, offering solutions that drive engagement and satisfaction.
How Much Funding Has Kard Raised?
- Seed Round
- Amount Raised: $1.2M
- Date: February 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Kard's rewards-as-a-service API platform.
- Seed Round
- Amount Raised: $120K
- Date: February 2017
- Lead Investors: Techstars
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand initial market reach.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling the platform and enhance product features.
- Series A
- Amount Raised: $23M
- Date: April 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Kard’s merchant network, enhance the product suite, and bolster hiring efforts across all departments.
Total Amount Raised: $24.32M
Current Valuation: Not publicly disclosed
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a leading global investment firm that focuses on private and public companies in the technology sector. They have a strong track record of backing high-growth companies.
- Investment Focus Areas: Technology, fintech, consumer internet.
- Notable Investments: Stripe, Coinbase, LinkedIn.
- Underscore VC
- Details: Underscore VC is a venture capital firm that invests in early-stage technology startups. They are known for their community-driven approach to supporting entrepreneurs.
- Investment Focus Areas: Technology, SaaS, cloud computing.
- Notable Investments: Snyk, Mabl, Zaius.
- Techstars
- Details: Techstars is a global platform for investment and innovation. They run accelerator programs and provide funding to startups across various industries.
- Investment Focus Areas: Technology, fintech, healthtech.
- Notable Investments: SendGrid, DigitalOcean, Sphero.
- Fin Capital
- Details: Fin Capital is a venture capital firm that focuses on financial technology investments. They aim to support companies that are transforming the financial services industry.
- Investment Focus Areas: Fintech, financial services, insurtech.
- Notable Investments: Not publicly disclosed.
- s12f
- Details: s12f is an early-stage venture capital firm that invests in technology companies. They focus on supporting innovative startups with high growth potential.
- Investment Focus Areas: Technology, fintech, enterprise software.
- Notable Investments: Not publicly disclosed.
What's Next for Kard?
As Kard looks to the future, the opportunities are vast. With $23 million in Series A funding, the company is poised to expand its merchant network and enhance its product suite. This growth will be supported by increased hiring across engineering, product, sales, and account management departments. The collaboration with digital banks and merchant advertisers further solidifies Kard's position in the market.
Future fundraising opportunities seem promising, given the successful Series A round. As Kard continues to grow, additional funding rounds may be on the horizon to support further expansion and technological advancements. However, challenges such as competition from other rewards platforms and integration issues with various card issuers and retail partners could pose hurdles. Navigating these challenges will be crucial for Kard's sustained success.
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