Linkable Networks, a US-based company previously backed by financial services provider Citi that enables consumers to link coupons and reward programmes to their payment cards, received $11.7m in funding on Monday.
Although Linkable has not disclosed the investors in the round, the Boston Globe reported that they are venture capital firm Kepha Partners, VC funds CommonAngels and BlueChip Ventures, and several unnamed individuals.
Retail customers can connect a brand’s one-time coupons, rebates or loyalty schemes directly to their debit and credit cards or PayPal accounts through Linkable’s platform, and have discounts automatically applied upon purchase. The platform also provides advertising metrics to brands.
Launched as Clovr Media in 2010 before changing to its present name in 2011, Linkable has raised at least $37.2m to date according to regulatory filings. Citi’s corporate venturing unit, Citi Ventures, invested an undisclosed sum in the company in 2011.
The latest funding round will be used to double Linkable’s staff over the next six months. Specifically, the company will hire employees for its development, customer support and sales teams.