Card-linked offers company, Cardlytics, closed a $70 million Series F round yesterday. The round was led by Discovery Capital, who will appoint a representative to Cardlytics’ board.
The Wall Street Journal reports that, with this newest installment, the Atlanta-based company has raised a total of $170 million since it was founded in 2008. Past investors include:
- Groupe Aeroplan
- Canaan Partners
- ITC Holdings
- Kinetic Ventures
- Polaris Venture Partners
- TTV Capital
- Aimia
The company plans to use the funding to develop products that analyze data in new ways. It will not only help the merchants, who pay Cardlytics to list their offers, but it is also good news for its 400 bank partners.
This includes Bank of America, who uses the company’s technology to power its BankAmeriDeals (below). This year, Cardlytics anticipates the banks’ cut of payment it receives from merchants will add up to $20 to $25 million.
The company plans to go public within the next 18 months. According to Cardlytics co-founder and President, Lynne Laube:
“We want to be ready to take advantage of the market, and getting ready for an IPO takes work.”
Check out Cardlytics’ demo from FinovateFall 2013, where it debuted its Gelocation Application.