FreeMonee has raised USD34 million in Series B funding led by UFG Asset Management chairman Charles Ryan. Existing investors Opus Capital Ventures, Redpoint Ventures, Sutter Hill Ventures and Pinnacle also participated in the round. The California-based startup collects bank data to enable retailers to connect with potential customers, who are offered a free gift of USD5 or USD10 to spend at a particular store. According to CMO Jim Taschetta, FreeMonee’s model is effective because consumers that redeem their vouchers “spend six to seven times the amount of the gift card.” The company says it will use the funding to fuel its expansion.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more