Meet Imprint, the fintech that just raised $38M from the likes of Kleiner Perkins, Stripe and Affirm

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IAmPrint, a one-year startup offering branded payments and rewards products, today announced a $38 million Series A funding round co-led by Kleiner Perkins and Stripe.

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It’s not every day that a major fintech player and top-tier venture capital firm co-lead an investment. Specially, impression Also co-founded by a VC – Thrive Capital Partners Gaurav Ahuja (President) with Darag Murphy (CEO).

Thrive Capital, Affirm, Allen & Company, Late Show host James Corden, Lloyd Blankfein and unnamed CEOs of consumer brand companies also participated in the financing, which brings New York-based Imprint’s total amount since its 2020 inception to $53 million. . The startup had earlier raised around $15 million in seed money from Affirm and Thrive Capital.

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These days, there are all kinds of cards, from virtual cards to co-branded credit cards. Imprint aims to stand out in an increasingly crowded space by partnering with businesses to provide branded rewards cards for customers. Those cards work like debit cards in that the user doesn’t have to go through a credit check or pay interest and fees, and as they spend, their balance decreases over time. Also, a customer has access to a “rich” reward program, while a brand can “take ownership of their customers’ payments and significantly reduce their cost to process the payment,” the company claims. . Murphy notes that a brand can also benefit from increased retention.

Murphy told Nerdshala, “We’re really focused on the fact that today all the brands have to pay an incredible amount of money for their top revenue process of payments, and yet none of them get anything. Get.” “But if you look back in the last 15 or 20 years, one of the most valuable ways for you to pay a customer was a branded card. It used to be credit cards, but we’ve revamped this model a little bit so it takes away the craziness of credit, but gives brands the ability to really deepen relationships with their customers. ,

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Instead, Imprint saves a brand between 60% and 90% of the cost of processing payments. According to Imprint, one benefit for merchants is that they can use the money saved in payment processing costs to fund rewards, which in turn would theoretically foster greater loyalty from their customers. For example, whenever a customer uses a card of that particular brand, he/she will get at least 5% back. And every time they use it to shop for any other brand, they will get 1% back. Imprint says it works with each brand to tailor their rewards program.

Murphy said, “We ask brands to pass some of that value back to their customers and so, brands get sticker customers for free, and customers get a better, more rewarding way to pay. “

image credit: impression

The company’s commerce platform apps and APIs will also eventually give merchants a way to integrate their payment method at checkout or on their site or in their app.

Chris Sperandio, Corporate Development Lead at Stripe, believes that as consumers’ buying behavior continues to evolve, it makes sense to introduce them to merchant-specific cards. Not only is Stripe investing in Imprint’s business, but its issuance infrastructure is also powering its product.

Kleiner Perkins partner Mamoon Hamid believes Imprint is providing an “Apple Pay-like experience” for merchants and consumers.

“Imprint is the first company to extend incredible innovation in fintech to co-branded credit cards,” he wrote via email. “There is a huge opportunity for modern brands to deliver customer value with new co-branded payment and rewards products, and Imprint is offering a rewarding way to pay without the hassle of traditional wires.”

Ahuja, Thrive Capital partner and chairman of Imprint, said startups can empower brands by eliminating middlemen.pointing to economic value Traditionally captured by the old banks back to the brands and their customers. ,

“The result will be Customers who are more loyal and more spenders,” he said in a statement.

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