Cardlytics inks paytech deal with JP Morgan Chase
After going public earlier this year, Cardlytics has come out with its Q1 financial results, and a major new client, reports Julie Muhn at Finovate. The data-driven marketing company has sealed a deal with JP Morgan Chase.
Cardlytics’ Purchase Intelligence platform, supplied to JP Morgan Chase, is a loyalty programme that banks implement with their existing debit or credit cards. Customers receive personalised offers and cash-back savings based on their transactions. This, the vendor says, increases average consumer spend, boosts merchant loyalty, and drives more engagement within the bank’s online and mobile banking.
JP Morgan Chase joins a host of other banks and financial services and technology companies already leveraging Purchase Intelligence, including PNC, Regions, SunTrust, Bank of America, Fiserv, FIS, and Digital Insight.
Along with Purchase Intelligence, Cardlytics offers two additional banking-focused services: Insights, which helps marketers make better business decisions across marketing, store operations, and real estate planning by viewing into customers’ actual purchase behaviour, and Measure, which leverages sales data to help marketers measure and optimise their marketing strategies.
Making its public debut on Nasdaq in February, the company has put forth strong growth for shareholders. In the first quarter of this year, Cardlytics’ total revenue was $32.7 million, an 22% YoY increase, and its direct revenue was $32.1 million, a 31% YoY increase.