Tiger Global Leads Kard’s $23 Million Funding Round

The fintech firm, Kard recently announced that it has secured $23 million in the Series A funding round to expand its operations, including the enhancement of its merchant network.

The investment round, which was led by the venture capital giant, Tiger Global saw participation from numerous other investors, including Fin Capital, s12f and an existing investor, Underscore VC, which led Kard's Seed round as well as several strategic angel investors.

In addition to the expansion of its merchant network and product suite, Kard is planning to hire people across the company’s different departments. Kard introduced its reward API in early 2020.

"The response from both sides of our market has been amazing to see," says Ben Mackinnon, the CEO of Kard. "We knew from the beginning that our platform would offer a major upgrade compared to others in the space, and the traction we've seen in the last year alone has validated our expectations. We make rewards simple for everyone, from our issuers and merchant partners to everyday cardholders. I'm excited for this next stage of growth as we scale our product functionality and drive increasingly more value to cardholders."

Partnerships

The fintech firm noted that it has formed collaborations with more than two dozen companies within the last year. According to the company, it is now processing more than 50 million transactions per month.

"Kard has created an innovative and easy-to-use platform that allows card issuers to build customizable reward systems, while also providing merchants a way to capture market share and drive revenue," said Alex Cook, a Partner at Tiger Global. "Kard recognizes the importance of a competitive rewards program to issuers, merchants and cardholders, and we're excited to partner with the Kard team."

"Unlike other solutions, Kard's model allowed us to build our own bespoke experience and control how our customers engage with rewards," says Behzad Behrouzi, the VP of Product Management at Varo.