Texas-based fintech startup Concerto has raised $21 million to support the growth of its new co-branded card issuance and loyalty program platform.
The first round was led by Matrix Partners and saw participation from PayPal Ventures and Golden Tree Asset Management.
Golden Tree has also formed a joint venture with Concerto that will fund a minimum of $2 billion in credit card receivables.
“There has been an unprecedented level of innovation in the credit industry over the past decade. As our world continues to digitally transform, so does America’s trillion-dollar credit industry,” says Dana Stalder, General Partner at Matrix Partners and Concerto Board Member.
Concerto’s new cloud-based platform combines Mastercard card issuance technology and analytics, leveraging application programming interfaces (APIs) to accelerate the development and deployment of custom co-branded partner programs at large scale.
The company says its platform can deliver instant approvals and approve more card applicants across a broad credit spectrum to ensure increased sales for partners.
The platform launched with a number of initial partners, including professional baseball teams Texas Rangers, Los Angeles Angels, Baltimore Orioles, and Cincinnati Reds. Teams will adopt credit card loyalty programs that will provide fans with game tickets, merchandise, souvenirs and exclusive events.
“Today’s launch is just the beginning,” says Concerto co-founder and CEO Daniel Duncan, adding that the company has “aggressive plans to roll out our platform to a wide range of markets.” .