Powering The Facebook Card, Marqeta Raises $14M From Greylock Israel To Recreate The Starbucks Loyalty Card For Merchants

Posted: May 16, 2013 in Facebook, GT

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Marqeta, the startup that helps businesses nationwide
attain the Starbucks loyalty Card “pay-in-advance for
your coffee” model, is announcing $14 million in new
funding from Greylock IL (an affiliate fund of Greylock
Partners), Granite Ventures, new investor Commerce
Ventures, and a number of leading new angel and unnamed strategic investors. As mentioned above, Marqeta essentially allows
merchants both large and small create a card with
stored value, gift card value, loyalty value and
additional rewards. Retailers get a gifting, loyalty,
promotions, cash back offers, charitable donations
and more. The aim is to create a Starbucks-like card
experience, where you could put any amount on a
pre-paid card, for a merchant. The compelling part of
Marqeta’s offering is that it can provide these pre-paid
amounts from multiple retailers on one payment card
or mobile app. Additional use cases include a variety of marketing
and rewards programs such as digitized employee
rewards, corporate incentive payments and
streamlined school donation campaigns that can sit
on one consumer account and payments vehicle.
Enterprises and merchants alike manage their accounts via a cloud-based portal. The company is also announcing that is powering the
recently launched Facebook Card, a way for people to
give their friends gifts to places like Jamba Juice,
Olive Garden, Sephora, and Target, all on one
reusable gift card purchased from Facebook. Last year Marqeta launched its own loyalty service in
San Francisco. Instead of receiving points and
product rewards, Marqeta merchants give consumers
more money to spend in grocery, restaurants, dry
cleaning and beyond. Marqeta also debuted a
universal gifting feature with merchants including Jamba Juice, 1-800 Flowers and thousands of other
online and brick and mortar retailers via a partnership
with Discover. Jason Gardner, Founder and CEO of Marqeta,
explains that merchants generally don’t want to
change their point of sale when adding a loyalty
program, they want to use their existing infrastructure
and form factor (i.e. credit cards); and they don’t want
to have to retrain anyone in using the new loyalty systems. Marqeta satisfies all of these wants and
needs, he says. Other customers include Target and
Jamba Juice. While other startups like Belly offer loyalty programs,
Gardner contends that basic loyalty technologies
don’t drive customers through the doors of
merchants. What does push traffic into an
establishment is if a customer already has money on
a card and wants and can spend that money. And there is the possibility they could earn even more
money by spending this money. Gardner says that the new funding will be used
towards investing in additional infrastructure,
technology and hiring.

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