Edo Interactive, a provider of digital payment and marketing platforms, has secured a USD8.5m equity investment led by Clayton Associates along with First Avenue Partners.
Edo Interactive, a provider of digital payment and marketing platforms, has secured a USD8.5m equity investment led by Clayton Associates along with First Avenue Partners.
Edo will be expanding its board of directors to include Matthew King of Clayton Associates and David Wilds of First Avenue Partners.
The company plans to use the capital infusion to accelerate technical development, build out marketing initiatives, and continue expanding the company’s team.
Edo Interactive provides a platform that connects buyers and global brands. By leveraging pre-existing global payments networks Edo offers retailers and brands its marketing channel to target the right offer or message to the right audience at the right time. Digital incentives, known as Prewards, move consumers from browsing to buying online and in physical stores.
In addition to the Edo marketing platform, Edo launched the Facecard Prepaid MasterCard, issued by MetaBank, in 2008 as an alternative to debit/credit cards for teens and young adults. Facecard leverages the Edo marketing platform, providing Prewards directly to consumers with a goal to yield over USD15 of additional purchasing power each month.
Edo also designs and executes customized affinity card programmes for large brands.
"We have reached a critical inflection point in growth," says chief executive Ed Braswell. "We have solidified our Facecard consumer offering and validated the ROI from our marketing platform by creating measurable value for both advertisers and consumers. This round of funding reaffirms the potential of our innovative advertising model and will allow us to expand our team as we scale the business to the next stage of growth."
"In my view, I believe Edo’s platform has been a much needed solution for consumers, for payment card issuers, and for advertisers," adds David M. Wilds, managing partner of First Avenue Partners. "Consumers are looking for more value from their payment cards and Prewards create that value. Card issuers and processors are looking for innovative ways to increase the value of their portfolios. Prewards incent card holders to spend more and more frequently which improves portfolio economics. Finally, advertisers are looking for cost effective and measurable ways to build brand and drive traffic to their stores. The Edo marketing platform is the only pay- per-action solution that can measure not only browsing behavior but can measure buying activity at the point of sale."
