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ITC and Kinetic Ventures lead financing for Cardlytics

Cardlytics, a transaction marketing company, has raised USD18m of equity led by new investors ITC Holdings and Kinetic Ventures.

All previous investors participated in the financing, including Canaan Partners, Polaris Venture Partners, and Total Technology Ventures.

Concurrent with the financing, Campbell B. Lanier (pictured) of ITC Holdings and Kinetic Ventures has joined the Cardlytics board of directors.

"Our exceptionally strong direct marketing performance coupled with the rapid expansion of our financial institution footprint positioned the company to attract significant capital from strategic new investors," says Scott Grimes, chief executive of Cardlytics. "Mr. Lanier, with his deep experience in growing and governing high growth businesses, is an exciting addition to the board."

Cardlytics’ transaction marketing platform is a channel for advertisers to connect with consumers via the online banking channel.

"Transaction marketing presents an enormous opportunity for retailers as its use of consumer transaction data allows them to target customer offers with an unprecedented level of accuracy," says Jason Green, principal with the Cambridge Group. "Demand for Cardlytics’ platform will continue to increase as more banks and retailers learn of this new channel’s effectiveness."

"We are seeing the Cardlytics platform and transaction marketing redefine the concept of direct marketing," adds Lanier. "Retailers are able to increase loyalty and acquisition by accurately and efficiently presenting the most valuable offers to customers in a pay for performance model and financial institutions provide valuable rewards to their account holders at no cost."

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