Stocard, a Germany-based developer of a digital loyalty wallet, raised $20m in funding on Tuesday from investors including online fashion retailer Engelhorn.
The round was led by Macquarie Capital, while public-private partnership High-Tech Gründerfonds (HTGF) also committed capital, as did Shortcut Ventures, Alstin and Rocketship.
Stocard operates a mobile app that lets consumers save their loyalty cards in one place. Retailers can provide targeted offers through the app, with Stocard also preparing to integrate a payment service in the near future.
The funding will go towards the launch of that mobile payment functionality and will also enable Stocard to hire an additional 40 engineers and sales and marketing staff, as well as launching in additional markets beginning with France this week and Canada within weeks.
Photo printing services provider Cewe previously contributed to a €4m ($4.5m) funding round in 2016 that included Shortcut Ventures, Alstin, HTGF and private investor Klaas Kersting.
HTGF, Kersting and two unnamed investors had also taken part in a $850,000 funding round in 2012.
Björn Goß, co-founder and CEO of Stocard said: “It is no longer a question that wallets will go mobile, the question is around how to execute the transition with the consumer’s best experience in mind.
“Digital will reshape the shopping process and experience, as mobile wallets rebundle services around shopping, financial services and much more.
“The fresh capital injection, combined with Macquarie’s track record in helping companies scale-up is a perfect fit at this stage of Stocard’s growth.”