Expanded reach of merchant network by 67% and increased transaction velocity by 2,400%
Wildfire Systems Inc., an innovative financial technology platform that powers reward and loyalty programs, announced record growth in 2021, driven by its success in increasing both customer loyalty and revenue for its partners, and the retailers in its merchant network. The company’s network of worldwide merchant programs, with coverage in over 50 countries, increased by 67% this year. In addition, transactions referred to participating merchants in November 2021 grew 24x over November 2020.
Wildfire’s growth has been driven in large part by the company’s addition of new white label partners and expanded merchant coverage. In addition, Wildfire’s offering is aligned with key macro trends in e-commerce and shifting consumer behaviors which are fueling the company’s growth. According to eMarketer, global e-commerce sales surged 25.7% in 2020 and are forecast to grow an additional 16.8% in 2021. Concurrent with the shift towards e-commerce, consumers increasingly expect rewards programs as part of their online shopping experience. The success of offerings such as PayPal’s Honey, Capital One Shopping, and Rakuten Rewards have brought cashback and coupons to the mainstream. Wildfire benefits from these trends as a turnkey, white-label platform for online shopping rewards.
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In Q3, Wildfire secured $15 million in Series A venture capital funding, a round co-led by TTV Capital and QED Investors. The company used the capital to expand the launch of its white-label rewards and loyalty platform, which allows technology companies and financial institutions to extend shopping rewards and loyalty programs to their customers. The platform enables Wildfire’s partners to improve customer retention, strengthen brand loyalty, reduce customer acquisition costs, and earn revenue driven by merchant-funded shopping rewards.
“Financial services companies and technology brands are in increasingly competitive markets. They’re expanding their offerings to become more essential and useful for their customers, with a particular focus on shopping and e-commerce services that enhance users’ financial wellness,” said Jordan Glazier, CEO, Wildfire Systems. “Our white-label rewards and loyalty platform is a differentiator that enables our partners to drive retention, loyalty, and new revenue streams, while delivering rewards to their customers within the natural flow of shopping journeys.”
Wildfire has appointed several industry veterans to its board of directors and advisory board, including Michael Marcus, a senior Advisor at Boston Consulting Group focused on financial services; Kerri Pollard, who previously served as President of Commission Junction and CRO of Honey; and Adam Weiss, who served as SVP and General Manager of Rakuten Marketing.
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Wildfire innovated its technology platform throughout 2021, adding new, industry-first functionality including:
– White-label iOS Safari web extensions that allow iPhone owners to earn rewards and cashback at online merchants. Announced in September, Wildfire powers Acorns’ iOS Safari browser extension, enabling customers to save and earn rewards from thousands of brands while they shop online.
– Coupon auto-apply functionality in a white-label rewards platform. The CouponatorTM, announced in November, provides partners with the ability to offer their consumers the ability to automatically find and apply the best coupons online. The Couponator is a helpful feature that improves consumers’ online shopping experience by finding coupons while they shop, then automatically applying the best deal at checkout.
The addition of its iOS Safari browser extension and the coupon auto-apply functionality rounds out Wildfire’s comprehensive, turnkey platform. Partners are now able to deploy an all-encompassing rewards program across all platforms, including desktop, Android, and iOS, and a full suite of offerings including cashback, coupons, shopping directories, browser extensions, user payments and reporting.
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