Cardlytics Secures $70m Expansion Fund

In the US, Cardlytics - whose technology tracks consumers' buying and rewards them according to their individual purchase behaviour - is looking to expand with the help of a $70m funding round.

The firm's transaction marketing platform allows advertisers and retailers to use consumer transaction data to target customer offers through the online banking channel, and then measure ROI. Through partnerships with nearly 400 banks, the company has insight into consumer spending across all stores and categories for 70% of US households.

The new investment brings Cardlytics' total venture funding to just over $170m, and has been led by Discovery Capital, who will now appoint a representative to the Cardlytics Board. Separately, ad industry veteran Tony Weisman, CEO of Digitas LBi North America, has also joined the Board.

CEO Scott Grimes (pictured) comments: 'These Board additions come at an important time for Cardlytics. As we expand the power of 'card-linked marketing' beyond our private banking channel, we're excited to bring on the deep expertise in technology and media that these Board members represent.'

Web site: www.cardlytics.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.