Loyalty and engagement platform provider Larky is starting off the fall with a trio of new partnerships. The Ann Arbor, Michigan-based company announced this week that it has launched three new client programs, teaming up with Canada’s Encompass Credit Union, BayCoast Bank of Massachusetts and Rhode Island, and Tulsa-based Oklahoma Central Credit Union.
“With our location-based platform, the audience of a financial institution can receive mobile notifications when they are near a specific location where there is a special offer or the FI wants to promote a specific product or service,” explained Larky CEO Gregg Hammerman. “This encourages local purchasing at the most convenient time for the user, while increasing cross-selling opportunities for the FI.”
Founded in 2012, Larky helps community-based financial institutions engage with their customers in the digital and mobile worlds that are increasingly the channels of choice in both financial services and ecommerce. The company’s engagement platform enables FIs to provide highly-contextual, digital rewards and offers to their members and customers, including community-building discounts to local merchants. The solution also helps firms boost non-interest income, with Larky clients reporting an increase of 4% to 8% in interchange revenue due to increased use of their credit and debit cards.
Larky demonstrated its Android app and white-label mobile and web solutions at FinovateFall 2014. In a busy year of making friends and forging partnerships, Larky teamed up with Fort Dodge Family CU in March, and CFE FCU of Florida in July, helping both credit unions generate more cross-selling opportunities and offer location-based rewards to members. Larky began the year expanding its relationship with core processing solutions provider Sharetec, extending its technology through the latter’s network of credit union customers.
Larky has raised $2.4 million in funding, and includes North Coast Technology Investors, Ann Arbor SPARK, the First Step Fund, and the Michigan Angel Fund among its investors.