Co-branded credit card platform Concerto launches with $21m funding
Texas-based fintech start-up Concerto has raised $21 million to support the growth of its new co-branded card issuing and loyalty programme platform.
The early-stage round was led by Matrix Partners and saw participation from PayPal Ventures and Golden Tree Asset Management.
Golden Tree has also formed a joint venture with Concerto that will fund a minimum of $2 billion in credit card receivables.
“There has been an unprecedented level of innovation in the credit industry over the last decade. As our world continues to be digitally transformed, so is the more than trillion-dollar US credit industry,” says Dana Stalder, general partner at Matrix Partners and Concerto board member.
Concerto’s new cloud-based platform combines Mastercard card-issuing technology and analytics, leveraging Application Programming Interfaces (APIs) to accelerate the development and deployment of large-scale customised co-branded partner programmes.
The company says its platform can offer instant approvals and approve more card applicants across a broad credit spectrum to ensure increased sales for partners.
The platform has launched with a number of initial partners, including professional baseball teams Texas Rangers, Los Angeles Angels, Baltimore Orioles and Cincinnati Reds. The teams will adopt credit card loyalty programmes that offer fans game tickets, merchandise, memorabilia and exclusive events.
“Today’s launch is only the beginning,” says Concerto co-founder and CEO Daniel Duncan, adding that the firm has “aggressive plans to deploy our platform across a wide range of markets”.