Mayfair-based fintech incubator Quantum Group has acquired the popular mobile cashback App Tail.
Tail provides reward services to major UK challenger banks, enabling them to deepen relationships with their customer base.
Tail takes advantage of Open Banking data to help banks provide cashback, rewards and loyalty programmes to customers in a seamless, automated manner, eliminating the need for loyalty cards or vouchers. Instead, Tail’s unrivalled customer experience sees cashback transferred directly to customers’ bank accounts after purchase.
For participating retailers, Tail provides a fully-managed platform that enables retailers to create hyperlocal marketing campaigns, allowing them to increase general footfall and customer volume across demographics.
Tail began development in 2016, launching its first API integration on Starling in July 2017. It has subsequently integrated with other UK digital challenger banks Monzo and Volopa. Quantum Group, which acquired 30% of Tail in 2019, completed its acquisition of the company in August for an undisclosed sum.
With the completed acquisition, Quantum Group plans to continue to increase the number of banking partners integrated with the Tail platform, and to onboard a diverse set of retailers from around the UK, offering customers ever-greater choice.
Dave Pearson, who has come on board as Managing Director, said: “We are looking forward to continuing the great work that Tail has achieved, and ensuring that the expansion of both banking partners and retailer cashback offers even greater value to our customers. The Tail platform is designed to ensure the customer and retailer alike enjoy a seamless experience that changes the way they interact with their cards.”
Quantum Group is a leading fintech investment incubator, whose portfolio of companies includes pre-paid multi-currency card company Volopa and security specialists Valkyrie. When combined with integrated hardware, world-class service delivery, top-flight management and technical expertise sitting within all of Quantum’s investment arms, Quantum delivers practical real-world solutions at the highest levels. Through both its media arm and investments in software, Quantum has built a streamlined group with a balanced portfolio of capabilities.
Quantum Group Chairman Floyd Woodrow MBE DCM LLB said: “We are delighted to welcome Tail fully on board within the Quantum Group. Tail’s world-class service offers true value to cardholders around the UK, as well as our banking partners and retailers, and we are excited for the platform’s future expansion.”