29 June 2017
Visit cib.db.com

ERN raises $1.6m for big data loyalty platform

19 June 2013  |  6196 views  |  2 Woman shopping for xmas presents

ERN, the UK-based start-up behind a platform that allows banks and merchants to aggregate and analyse data generated by card transactions, has raised $1.6 million in seed funding.

The money, which comes on top of a $2 million round late last year, has been put up by "a number of high net worth individuals" and will be used for platform development and staff hires. Former Mastercard executives Anant Patel and Brian Eagle-Brown have already come on board in recent months.

Launched in February and now going into testing with several firms, ERN's Looop platform brings together card payment and merchant data in real time to enable banks and retailers to see the granular detail of every purchase.

The firm says that for banks, the in-depth analysis of transactional data will help them understand how people - individuals and groups - use their credit cards to purchase goods, enabling them to encourage and reward customers for usage.

Meanwhile, the platform will let merchants build effective loyalty and reward schemes that don't rely on a 'one size fits all' approach, but offers individual customers discounts on things they really want to buy. Customers receive e-receipts and are sent customised coupons through their mobile phones, where they can also see transactions and oversee their spending.

Dan Brassington, CEO, ERN, says: "For too long banks and merchants have been stifled by legacy IT systems that don't allow them to analyse the masses of data created by transactions. With Looop, we aim to help them turn the data into insights and the insights into action, while offering benefits to consumers that will promote long-term loyalty."

Comments: (2)

A Finextra member
A Finextra member | 19 June, 2013, 10:54

Will this be an opt out or opt in system for consumers?

Given cold calling, spam and other unsolicited communications from anyone is generally a nuisence this will just add yet another annoyance.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 21 June, 2013, 11:55

Seems like a Cardlytics clone. Nevertheless, I'd love to receive targeted offers from my card issuers that would hopefully be far more relevant than the junk I get from them today. 

1 thumb up! 1 thumb up! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ERN unveils Looop big data platform for banks and merchants

ERN unveils Looop big data platform for banks and merchants

07 February 2013  |  10825 views  |  0 comments | 14 tweets | 8 linkedin
Transactional analytics start-up ERN secures $2 million funding

Transactional analytics start-up ERN secures $2 million funding

20 December 2012  |  8123 views  |  0 comments | 9 tweets
MasterCard buys loyalty rewards specialist Truaxis

MasterCard buys loyalty rewards specialist Truaxis

07 September 2012  |  8951 views  |  0 comments
Google goes for loyalty, not payments at the check-out

Google goes for loyalty, not payments at the check-out

06 May 2011  |  17294 views  |  2 comments | 1 tweets

Related blogs

Create a blog about this story (membership required)
visit www.finastra.comvisit www.www.fisglobal.comvisit www.response.ncr.com

Top topics

Most viewed Most shared
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
9348 views comments | 19 tweets | 38 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
8984 views comments | 10 tweets | 6 linkedin
hands typing furiouslyThe EU and blockchain: taking the lead?
7730 views 0 | 8 tweets | 7 linkedin
Mastercard eyes opportunities to profit from sharing economyMastercard eyes opportunities to profit fr...
7382 views comments | 6 tweets | 6 linkedin
Body blow for PayKey as Apple orders Westpac off its turfBody blow for PayKey as Apple orders Westp...
7008 views comments | 12 tweets | 14 linkedin

Featured job

Six Figure Base + Commission + Stock Options

Find your next job