Cartera Commerce has announced it has raised $12.2 million funding to drive growth of the card-linked loyalty marketing company.
It says the market is expected to be worth more than $1.7 billion by 2015. Cartera says the new money will be invested in sales, product development and operations.
This new growth equity adds to the $43 million in capital it has raised so far. The new investment round was led by the Comvest Group and investors included Flybridge Capital Partners and Dace Ventures.
“The combination of today’s value-conscious consumer, the explosive growth in local deals and digital advertising, and the increased urgency among banks and issuers to drive incremental revenue has created a unique and exciting market opportunity for Cartera,” said Tom Beecher, president and CEO of Cartera Commerce.
Cartera works by connecting in-store and online merchant advertisers to more than 65 million active credit and debit cards from banks, card issuers and loyalty co-brand programmes.
In March, Cartera announced the nationwide rollout of OfferLink Local, the company’s solution for local businesses.
What do you think? Has the tough economic climate had a positive effect on the loyalty programme industry, as businesses work harder to keep the customers they've got? Is the next big market in loyalty local?