Secured funding
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.
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
