Late Show host James Corden and former Goldman chief Lloyd Blankfein have joined Thrive Capital and Stripe in a $38 million funding round for branded payments and rewards startup Imprint.
The one-year old company's first product is a branded rewards card that acts like a debit card in that a user doesn’t have to undergo a credit check or pay interest and fees, and as they spend, their balance draws down over time.
“The branded-payment space has not changed since co-branded credit cards were introduced in the 90s and no longer meets the needs of modern brands and modern customers,” says Daragh Murphy, CEO & co-founder of Imprint. “We see an opportunity to provide a branded payment service that reduces payments costs for brands, while empowering them to offer their customers a brand-centric payments experience and rich rewards. We’re seeing a generational shift away from credit cards, and we’ve built an inclusive product that offers almost 100% of customers access to great rewards and customised experiences at their favorite brands.”
Merchants can use the savings from payment processing costs to fund the rewards, giving customers up five percent back every time they shop, driving loyalty and engagement. Cardholders are also entitled to a one percent cashback when they shop at other brands.
Imprint’s commerce platform apps and APIs allow brands to quickly integrate their payment method at check-out or anywhere else in their online or app shops.
“Imprint offers a great product experience for online brands and commerce platforms, in particular,” said Chris Sperandio, corporate development lead at Stripe. “As consumers’ purchasing behavior continues to evolve, it makes sense to offer them merchant-specific cards that are tailored to their environment. We’re excited to partner with Imprint, both by investing in their business and by using Stripe Issuing infrastructure to power their product.”