According to data-driven marketing company Cardlytics, every purchase tells a story. And it turns out that every partnership tells a story, too. During its earnings call this week, the Atlanta-based company announced a deal with Wells Fargo under which Cardlytics will power the bank’s cash-back rewards programme, reports Julie Muhn at Finovate. “We are happy to announce the signing of an agreement with Wells Fargo to launch Cardlytics Direct nationally and across all digital channels,” said Lynne Laube, Cardlytics COO and co-founder. Cardlytics Direct leverages the Purchase Intelligence platform, which processes trillions of dollars of raw purchase data from millions of accounts across thousands of financial institutions. The company uses algorithms and machine learning to make it useful for marketing and analytics, developing insights for smarter business decisions. While Purchase Intelligence will boost Wells Fargo’s cash-back rewards programme, it will also benefit Cardlytics, which will receive access to a new wealth of customer data. Additionally, Cardlytics released its Q2 earnings report, highlighting a handful of growth metrics. Total revenue was $35.6 million. Revenue increased 8% year-over-year, up from $32.8 million in the second quarter of 2017. In addition, Cardlytics Direct revenue was $35.1 million. Cardlytics went public early this year, and now has a market capitalisation of $408 million. The Banking Technology Awards 2018 are now open to entries! Click here to apply.
Marketing company Cardlytics is using its Cardlytics Direct system to power the cash-back rewards programme for Wells Fargo. It will use algorithms and machine learning through the Purchase Intelligence platform which processes data from millions of accounts across thousands of financial institutions. The new program allows customers who have a certain amount in their account at one bank or credit union can earn up to 5% cash back. The news came as Cardlytics revealed total revenue up 8% to $35.6m for the second quarter with Cardlytics Direct making up most of that figure.