Tango Card, a digital rewards card company, has netted $35m in its latest equity round from FTV Capital.
As part of the transaction, FTV Capital partner Chris Winship and FTV principal Robert Anderson will join the company’s board of directors.
Founded in 2010, the company enables consumers to send and receive e-gift card, prepaid cards and non-profit donations. The platform offers cards from a selection of brands including Amazon, Best Buy, Adidas, Google Play, and MasterCard reward cards.
Its API solution helps businesses to send out gift cards to individuals or groups of customers via branded emails.
The Seattle-headquartered company will use the capital to invest into its reward delivery platform and ‘rewards as a service’ API. It will also look to scale the rewards dashboard, build new marketplace integrations, increase international expansion, and grow its workforce.
FTV Capital partner Chris Winship said, “With a $100bn global market opportunity, the B2B prepaid space is massive and growing, and the gifting/incentive space continues its move from physical to digital delivery.
“Tango Card provides an industry leading solution that capitalizes on this shift to digital, enabling its enterprise clients to efficiently use rewards and incentives for numerous use cases and to achieve business goals such as driving employee engagement and retention, improving employee culture and wellness, and incentivising customer activities.”
Last year, Tango Card nabbed $10m in a funding round from Western Technology Investment to support the expansion of its services within the US.
Earlier in the year, FTV led the $30m investment into Brazilian payments processor EBANX to support the company’s operations in Ecuador, Uruguay, Paraguay and Bolivia. The company provides an end-to-end payment solution for cross-border e-commerce transactions within the Latin American region.
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