Fintech start-up Birdback raises $2.4m seed capital
Passion Capital leads backing of “card-linking” platform
A start-up that links online and offline discounts directly to a customer’s credit card has raised $2.4m (£1.4m) in a funding round led by tech-focused VC firm Passion Capital.
Set to launch in 2014, London-based Birdback operates a ‘Card-Linked Offers’ (CLO) platform that links discounts directly to a customer’s 16-digit credit or debit card number, allowing them to take advantage of offers without the need for printed vouchers or separate loyalty cards.
The start-up is based on the idea that the vast majority of consumers use one card for their purchases, which can serve as an all-in-one loyalty card through its technology.
Similar services such as CardSpring and Yub are already well-established in the US, but Birdback plans to target the European market, where the idea is still relatively new.
Proceeds from the round, which was led by Passion Capital with input from Paul Nikkel, Luke Johnson, Playfair Capital and #1seed, will be used to introduce Birdback’s CLO platform to retailers, publishers and financial institutions.
The service is set to launch shortly in the UK, France and Brazil initially, with other countries to follow.