European startup Stocard, whose app allows users to store their loyalty cards and collect loyalty points, has raised $20 million from Macquarie Capital, with additional follow-on funding from existing backers including Shortcut, Alstin, and Engelhorn.
Founded in Germany in 2012, Stocard reported that it has grown to 25 million users globally, including 2.3 million in Australia, who are banking up loyalty points with more than 4,000 brands. Among the Australian brands on board are the Woolworths Group and the Country Road Group.
The funding will see the company push for further international growth, with new offices to open in Paris and Toronto. It is also gearing up to launch a payment feature that will allow consumers to make purchases from its app.
Radinck van Vollenhoven, country manager of Stocard in Australia and New Zealand, said, “From browsing offers to paying at the point of sale, our payment solution will turn Stocard into a truly complete mobile wallet.
“Our goal is to expand our position in the market and actively shape the future of how people discover and purchase products and services through their mobile device.”
Macquarie Capital managing director Elmar Broscheit said the firm was “impressed” by Stocard’s growth, adding one million new users per month.
“Stocard offers a holistic shopping experience for customers by completely revisiting the role mobile and wallets can play in our everyday shopping experience. The team is also creating new value for retailers by allowing them to leverage digital, mobile, and data in a way that was simply not available before Stocard,” he said.
“The business is strategically positioned to shape the future of the mobile wallet space and we look forward to working closely with the Stocard team to help them grow the business.”
The other big player in the Australian loyalty wallet space is Rewardle, which has been focusing primarily on the small business market.
In a report submitted to the ASX on its March quarter, the company reported that it has 2.8 million members, generating more than 57 million check ins at 4,900 merchants.
Image: Radinck van Vollenhoven. Source: Supplied.