Birdback, a London-based fintech startup, has obtained $2.4 million in its funding round led by Passion Capital and joined in by Paul Nikkel, Luke Johnson, Playfair Capital and #1seed, TechCrunch reported.
Birdback is a fintech startup that has made its own "card linking" platform to connect online to offline offers using a customer's 16 digit credit/debit card number only. The offline offers include such things as cashback and loyalty offers. The app only happens on the supply side of the relationship. The company assumes that everyone has an existing credit or debit card that serve as his or her loyalty card, the report said.
In the US, the idea is not new as its rivals in the space include edo interactive, CardSpring and Yub. However, Birdback is setting its focus on Europe, the report said.
Proceeds from the round will be used by Birdback to introduce its Card-Linked Offers or CLOs to retailers, publishers and financial institutions. First to go live are UK, France and Brazil, the report said.
To understand how Birdback's fintech works for the ordinary consumer, imagine that you are planning to eat out with a friend and happen to stumble upon a discount voucher on the Internet while doing your search. To avail of the discount, you don't have to print out the voucher but register for it by entering your 16-digit credit or debit number which connects the offer to your card. When you eat out, you pay with the same card that you have connected to the offer and then get a notification automatically through the retailer's app, SMS or email informing you that the cashback is heading your way. This turns your existing card into a loyalty card, the report said.
Birdback captures and takes care of card data securely when a consumer chooses to subscribe to a retailer's marketing offer. Once a customer has opted in to the offer, the retailer will be able communicate and activate future offers straight to the card of the customer, the report said.
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