Cardlytics Hooks Wells Fargo as Partner

According to data-driven marketing company Cardlytics, every purchase tells a story. And it turns out that every partnership tells a story, too. During its earnings call this week, the Atlanta-based company announced a deal with Wells Fargo under which Cardlytics will power the bank’s cash-back rewards program.

“We are happy to announce the signing of an agreement with Wells Fargo to launch Cardlytics Direct nationally and across all digital channels,” said Lynne Laube, Cardlytics COO and co-founder. Cardlytics Direct leverages the Purchase Intelligence platform, which processes trillions of dollars of raw purchase data from millions of accounts across thousands of financial institutions. The company uses algorithms and machine learning to make it useful for marketing and analytics, developing insights for smarter business decisions.

While Purchase Intelligence will boost Wells Fargo’s cash-back rewards program, it will also benefit Cardlytics, which will receive access to a new wealth of customer data. “Adding Wells Fargo to the Cardlytics Purchase Intelligence platform will further strengthen our ability to provide actionable insights for our marketing clients. Marketers can act on these insights, reaching a scaled audience inside banks’ secure digital channels – where consumers are already thinking about their money,” said Laube.

(above) Cardlytics’ Purchase Intelligence platform breaks down customers’ purchase data to offer banks insights.

Additionally, Cardlytics released its Q2 earnings report, highlighting a handful of growth metrics:

  • Total revenue was $35.6 million
  • Revenue increased 8% year-over-year, up from $32.8 million in the second quarter of 2017
  • Cardlytics Direct revenue was $35.1 million

At FinovateFall 2013, Cardlytics demoed its geolocation application, a solution that sends bank customers ads and offers based on their location.The company was the first fintech to go public early this year, now boasting a market capitalization of $408 million. Cardlytics also inked a deal with J.P. Morgan Chase and today announced it was listed on the Inc. 5,000 list for the fourth consecutive year. This year, Inc. ranked the company 2886 with revenue of $130.4 million and revenue growth of 142% from 2014 to 2017.

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JPMorgan Chase Signs Deal with Cardlytics

After going public earlier this year, Cardlytics has come out with its Q1 financial results, and a major new client. The data-driven marketing company has sealed a deal with JPMorgan Chase.

“We are pleased to announce the signing of an agreement for a national launch with JPMorgan Chase,” said Lynne Laube, COO and co-founder of Cardlytics. “The addition of Chase to the Cardlytics Purchase Intelligence platform will further strengthen our ability to provide powerful, actionable insights for our marketer clients and then act on these insights at scale.”

Cardlytics’ Purchase Intelligence platform is a loyalty program that banks implement with their existing debit or credit cards. Customers receive personalized offers and cash-back savings based on their transactions. This increases average consumer spend, boosts merchant loyalty, and drives more engagement within the bank’s online and mobile banking.

Chase joins a host of other banks and financial services companies already leveraging Purchase Intelligence, including PNC, Regions, SunTrust, Bank of America, Fiserv, FIS, and Digital Insight. David Evans, CFO of Cardlytics, said, “With the announcement that Chase will be coming onto our platform, we are very excited about the longer-term prospects for the business.”

Cardlytics’ primary offering is Cardlytics Direct, a native bank advertising channel that enables marketers to reach consumers through online and mobile banking channels. The service has more than 2,000 bank clients in the U.S. and appeals to bank customers by offering cash back on select purchases. In fact, Cardlytics has paid more than $230 million in consumer rewards to date.

At FinovateFall 2013, Cardlytics demoed its geolocation application, a solution that sends bank customers ads and offers based on their location. Making its public debut on the NASDAQ in February, the company has put forth strong growth for shareholders. In the first quarter of this year, Cardlytics’ total revenue was $32.7 million, an 22% YoY increase, and its direct revenue was $32.1 million, a 31% YoY increase.

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