Concerto, which was created to power credit card partnerships that enhance user and product experiences, has launched its new platform alongside the close of a $21m funding round.
Matrix Partners served as the lead investor to the round, with commitments also coming from PayPal Ventures and GoldenTree Asset Management.
Alongside the investment, GoldenTree formed a joint venture with Concerto that will fund a minimum of $2bn in credit card receivables.
Concerto has launched a new card issuing and loyalty platform. It has launched with several loyalty programs for several baseball teams that will bring fans closer to the game, it said. Fans that chose team-issued cards can gain access to game tickets, merchandise, memorabilia and exclusive experiences.
Its cloud-based platform and API-centric approach also dramatically accelerates the development and deployment of large, customised partner programs.
The Concerto platform was created to support the creation and management of co-branded credit card programs. It launched with initial partners, including Texas Rangers, Los Angeles Angels, Baltimore Orioles and Cincinnati Reds professional baseball teams.
Texas Rangers Baseball Club senior vice president of partnerships Jim Cochrane said, “Rangers fans are the best in baseball, and they deserve a truly meaningful rewards program.
“Concerto gives us the power to roll out all kinds of new experiences, and the Concerto team has enthusiastically incorporated our ideas faster than we thought possible. What we’ve created together goes beyond any rewards program I have seen, and we are proud to be Concerto’s first sports partner.”
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