Credit card startup Imprint beats big banks for Rakuten co-brand deal
Imprint, a credit card startup based in New York, has recently made significant strides in the industry by securing a co-branded card deal with online shopping platform Rakuten. This partnership comes as Imprint raised an additional $70 million in capital, increasing its valuation to $900 million.
Credit card partnerships with retailers, airlines, and hotels are highly competitive, with big players like JPMorgan Chase, Capital One, Citigroup, and Synchrony vying for these lucrative deals. Imprint’s success in securing partnerships with major companies demonstrates its growing influence in the industry.
Imprint differentiates itself by focusing on providing a seamless digital experience for customers, a strategy that traditional banks struggle to match due to their reliance on third-party technology providers. By partnering with small banks like First Electronic Bank and utilizing the American Express network for the Rakuten card, Imprint is able to offer unique benefits to cardholders.
One key aspect that sets Imprint apart is its commitment to customer-friendly practices, such as minimal late fees and easy payment options. This approach not only benefits customers but also allows Imprint to offer generous rewards, such as the new Rakuten card’s 4% cash back on purchases and additional perks at partner restaurants.
Overall, Imprint’s innovative approach to credit card offerings and partnerships has positioned it as a formidable player in the industry. With a focus on technology, customer experience, and value-added rewards, Imprint is poised for continued growth and success in the competitive world of co-branded credit cards.
