Rewards platform Kard secures $23m in Series A funding round

New York-based fintech Kard has raised $23 million in a Series A funding round led by Tiger Global.

Kard raises $23m Series A

Also participating in the round were Fin Capital, s12f and existing investor Underscore VC, along with a number of angel investors.

Kard says it will use the funding to expand its merchant network and product offering, as well as strengthen hiring efforts across all departments.

The fintech firm provides a rewards platform that serves card issuers including traditional banks, neobanks and Banking-as-a-Service (BaaS) providers.

Kard’s API enables any company that issues cards to embed a customised and tailored rewards solution into its own user experience, optimised for its unique customer base.

Having launched in 2020, Kard claims to power rewards for over 10 million cardholders, processing more than 50 million transactions per month – a ten-fold increase in the past six months.

The fintech firm also works with merchant advertisers, building targeted offers to appeal to the right shopper at the right time and capture incremental market share.

Offers are translated into each card issuer’s native format – be it cashback, points or any other format.