Clutch, a Philadelphia-based website that allows users to store gift cards online, has received USD5.3m in a Series B funding round led bySafeguard Scientifics with participation from Ben Franklin Technology Partners. Clutch, which launched 2012, allows users to keep track of gift and loyalty cards they are yet to use. The firm says the funding will be used to develop new B2B offering.
Clutch is also acquiring gift card supplier ProfitPoint in a deal that will see 3,000 merchant clients join Clutch. Financial details of the acquisition remain undisclosed.
The company currently stands as a consumer-facing mobile app but it is now looking to tie together offine and online mobile loyalty onto one platform. This branch out suggests offering retailers their own white labeled application which would offer reloadable gift cards, mobile shopping, stored loyalty offers and mroe.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.