Cardlytics, an Atlanta, GA-based provider of a transaction marketing platform that connects advertisers with consumers via the on-line banking channel, has raised $18m in new equity.
The round was led by new investors ITC Holdings and Kinetic Ventures, with participation from existing backers Canaan Partners, Polaris Venture Partners, and Total Technology Ventures.
In conjunction with the funding, Campbell B. Lanier of ITC Holdings and Kinetic Ventures has joined Cardlytics’ Board of Directors.
The fund will be used to accelerate the company’s expansion and the introduction of its technology, which connects financial institutions and merchants to provide rewards to customers based on their individual purchase behavior.
The rewards improve consumers’ banking behavior by increasing usage, reducing attrition and strengthening engagement with online banking. Cardlytics’ approach includes online banking, SMS, e-mail, mobile, online-mall and social networks.