Cardlytics, a US-based purchase data provider backed by corporates including marketing analytics firm Aimia, has filed to raise up to $75m in an initial public offering on the Nasdaq Global Market.
Cardlytics has created a software platform that aggregates purchase data from banks and credit unions to form a detailed picture on how and where consumers spend their money. It made a $15.6m loss in the first nine months of 2017 from $91.1m in revenue.
The company has raised a total of $209m in equity and convertible note financing since it was founded in 2008, according to regulatory filings and press releases.
Aeroplan Holdings Europe, an affiliate of Aimia, invested $4m in Cardlytics as part of a $27m round in 2016, two years after it had formed a UK cooperation agreement with Aimia.
The agreement was terminated in 2016, at which point Aimia was issued $23.7m of convertible notes in return for transferring full control of the UK business to Cardlytics.
Cardlytics has not disclosed the percentage owned by its largest investors, but Aimia is its third largest shareholder, behind venture capital firms and early investors Canaan Partners and Polaris Venture Partners.
Discovery Capital, which led the Cardlytics’ $70m funding round in 2014, and financial data services provider Fidelity Information Services also own stakes greater than 5%.
Other Cardlytics investors include Total Technology Ventures, investment holding company ITC Holdings and VC firm Kinetic Ventures, all of which took part in an $18m round for the company in 2010.
Merrill Lynch, Pierce, Fenner & Smith, JP Morgan Securities, Wells Fargo Securities, SunTrust Robinson Humphrey, Raymond James & Associates and KeyBanc Capital Markets are the underwriters for the offering.