Texas-based startup Imprint is making waves in the co-branded credit card space by partnering with consumer brands to offer customized rewards.
When H-E-B, a supermarket chain, launched its rewards credit card, it opted for Imprint’s services over traditional financial giants like American Express or J.P. Morgan Chase. Imprint’s unique selling proposition lies in its tech-first approach, allowing for more granular and individualized rewards compared to typical offerings from traditional banks.
Imprint’s strategy is exemplified by its partnership with H-E-B, where cardholders receive specific benefits such as 5% cashback on H-E-B branded products, fostering increased loyalty and spend. The startup aims to provide businesses with a tool that goes beyond a financial product, emphasizing loyalty and customer experience. This approach aligns with the belief that placing a co-branded card in a customer’s wallet fosters a stronger connection with the brand, encouraging repeat business.
In a recent development, Imprint secured $75 million in a Series B funding round, raising its valuation to $240 million. Led by fintech specialist Ribbit Capital, the funding will enable Imprint to expand its services to larger corporate customers and further its goal of managing a broader spectrum of customer rewards. This successful funding round is a notable achievement, considering the challenging fintech landscape affected by rising interest rates.
Imprint’s success in the co-branded credit card market reflects a shift in the industry, where brands are recognizing the potential of these cards as customer experience tools and marketing assets. While the market has been traditionally dominated by major financial institutions, Imprint’s focus on providing tailored solutions and fostering customer loyalty positions it as a significant player in this evolving landscape.