Cardlytics secures more disruption dollars

Ad targeting firm Cardlytics said its secured an additional $70 million in funding led by Discovery Capital.



Cardlytics, an advertising and technology company regarded as a leader in card-linked marketing, said the new $70 million funding round brings its total venture capital funding to more than $170 million. Cardlytics intends to use the funds to continue to extend and expand the breadth of the company’s capabilities to make all marketing more relevant and measurable. Morgan Stanley acted as adviser on the deal.



With this investment, Discovery Capital will appoint a representative to the Cardlytics board of directors. In addition, the company announced that Tony Weisman, CEO of DigitasLBi, North America has joined its board. Weisman, a 25-year advertising veteran who leads an agency known for its digital media, creative and technology acumen, brings a wealth of experience to fast-growing Cardlytics, according to the company.



“These board additions come at an important time for Cardlytics,” said Scott Grimes, CEO of Cardlytics. “As we expand the power of card-linked marketing beyond our private banking channel, we’re excited to bring on the deep expertise in technology and media that these board members represent.”



“Cardlytics really has the potential to make all types of marketing more effective,” Grimes said. “Our data platform can help solve some of marketing’s biggest problems: accurately measuring advertising effectiveness, and reaching the right audience, at the right time, with the right message.”



Cardlytics targets ads to millions of individual consumers based on their recent purchase behavior through partnerships with nearly 400 banks. The company has insight into consumer spending across all stores and categories for 70% of US households which reveals a whole-wallet perspective that tells advertisers where their customers shop outside of their stores.