MaxRewards, the first service that automates maximizing credit card rewards, cash back and benefits, announced that it has raised a $3 million series seed funding round co-led by Dundee Venture Capital and Calano Ventures. Other investors in the round include Fintech Ventures Fund, Service Provider Capital and Nick Izquierdo, President at Fleetcor, a global payments and card company.
“I have had the pleasure of watching Anik execute on his vision for MaxRewards from the company’s inception, and we are excited to partner with the company as it aims to unlock the power of rewards and cash back for all consumers”
The investment comes on the heels of exceptional user and revenue growth. Since the start of the year, monthly active users increased 200% and monthly recurring revenue increased 10x.
“MaxRewards is building the platform that people with multiple credit cards have always wanted,” said Ron Watson, Partner at Dundee Venture Capital. “Gone are the days of unwieldy spreadsheets to track and optimize your credit card rewards. MaxRewards does all of that for you now.”
Credit cards and credit card rewards have become nearly universal. According to the Federal Reserve, 83% of Americans have a credit card and 95% of all credit card spend is on cards with rewards. However, consumers struggle with navigating and utilizing increasingly complex and dynamic credit card benefits programs, many of which require tedious user action to maximize value.
MaxRewards automatically activates credit card offers and promotions, presents personalized card usage recommendations based on location and provides the most comprehensive aggregation of credit card accounts.
“MaxRewards removes the guessing game from what card to use and when. Credit card users are leaving money on the table, and MaxRewards provides a simple solution to capture those rewards,” commented Arron Solano, Managing Partner at Calano Ventures.
The company will deploy the funding to grow its team, scale user acquisition and expand beyond credit cards.
“We are in the golden age of rewards,” said MaxRewards co-founder and CEO Anik Khan. “Rewards are a phenomenal mechanism to acquire, engage and retain customers, so it’s no wonder rewards and cash back offers are everywhere. However, for consumers, they are presented with an overwhelming number of programs and offers to manage and utilize. We are building a platform that automates maximizing rewards and cash back across all channels and across all mediums to help consumers earn extraordinary benefits from everyday spend.”
“I have had the pleasure of watching Anik execute on his vision for MaxRewards from the company’s inception, and we are excited to partner with the company as it aims to unlock the power of rewards and cash back for all consumers,” said Luke Timberlake, Partner at Fintech Ventures Fund.
