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Cardlytics Closes $12 Million Round

Card-linked offers company Cardlytics has raised $12 million, according to an SEC filing and a report from BizJournals, which reported the round was led by a new, strategic investor with contributions from existing investors. The name of the strategic investor was not disclosed. This round brings Cardlytics’ total funding to $200 million.

Atlanta-based Cardlytics was founded in 2008. The company’s first product was a card-linked offers solution, Cardlytics Direct. This flagship product allows financial institutions to provide merchant-funded rewards within its online or mobile banking application to boost customer loyalty. Almost 10 years later, big-name financial institutions such as Bank of America, PNC, MasterCard, and Fiserv use Cardlytics Direct.

The hype of card-linked offers peaked around 2012, and Cardlytics appears to have undergone a bit of restructuring since then. In April of 2016, the company laid off 15 percent of its workforce and while there is still demand for consumer rewards, the company’s attention has expanded to capitalizing on the data gathered from consumer interactions. In 2016, Cardlytics began leveraging the wealth of consumer spend data, launching Platform Solutions for retailers and marketers to gain insights on consumer spending behavior and optimize marketing strategies.

Cardlytics demoed its geolocation application at FinovateFall 2013. Scott Grimes is CEO and cofounder.