UK-based startup ERN has secured a further USD1.6m in seed funding from a number of high net worth individuals to help it continue to develop its analytics platform for banks and merchants.
ERN has built a global big data analytics platform – Looop – that allows banks and merchants to aggregate and analyse data generated by card transactions, helping them develop highly-targeted loyalty schemes and offers for individual customers.
Looop is designed to run alongside existing IT infrastructures used by banks and merchants – meaning deployment costs are kept to a minimum. It is a cloud-based SaaS solution that can be deployed behind a bank’s firewall or run on secure, bank-grade servers hosted by Tier 4 global hosting provider Savvis. The solution is PCI and ISO 27001 compliant.
Having already raised USD2m in seed funding in 2012, ERN will use the additional funding to continue to develop the platform and build up its team. ERN has already added former Mastercard executives Anant Patel and Brian Eagle-Brown, who are now ERN’s Head of UK Sales and UK Merchant & Acquiring Sales Director respectively, to its team in the first half of 2013.
“Having launched Looop in February this year, we’re very excited to be in a position where wide-ranging trials of the data platform can now begin with multiple clients,” said Dan Brassington, CEO and Co-Founder of ERN.
“For too long banks and merchants have been stifled by legacy IT systems that don’t allow them to analyse the masses of data created by transactions. With Looop, we aim to help them turn the data into insights and the insights into action, while offering benefits to consumers that will promote long-term loyalty,” he continued.
By presenting transactional data for easy analysis, the Looop platform lets banks create additional targeted value-added services with the aim of boosting customer loyalty and promoting the payment card to the top of the consumer’s wallet.
The deeper understanding of customer behaviour provided by the data enables merchants to build personalised loyalty and reward schemes that offer individual customers discounts on things they really want to buy. Offers are delivered direct to the consumer’s smartphone in real time and the platform keeps track of which customers redeem which deals.
In addition to receiving coupons and discount offers through their smartphone – even at specific times or when they are in a particular location – consumers can benefit from having Looop’s platform manage their receipts electronically and present graphical analysis of their spending patterns.
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