Wildfire Systems, a financial technology platform powering reward and loyalty programs, announced $15 million in Series A venture capital investment co-led by TTV Capital and QED Investors.
New investors include B Capital, the George Kaiser Family Foundation, and Daher Capital, which are joined by existing investors Mucker Capital, Bonfire Ventures, Moonshots Capital, and BAM Ventures.
“We’re innovating in an enormous whitespace,” said Wildfire founder and CEO Jordan Glazier, a former eBay executive and CEO of Eventful, a digital service connecting consumers with entertainment and local events that CBS acquired in 2014.
Wildfire’s technology enables any company to build a rewards platform to reward shopping and social sharing at more than 30,000 merchants.
While Honey, eBay, Rakuten are reward platforms, Wildfire offers a similar platform as a white-label rewards service.
“If I share a Marriott coupon with you, and you make a purchase, I earn a reward,” he said. “It’s accomplished on a CPA basis using the affiliate network for the last mile.”
Wildfire isn’t in the affiliate business, but it takes advantage of the existing technology to provide its service. It also enables a shift to CPA from CPC or CPM. It gets consumers further down the purchase funnel, and drives higher conversions, according to Glazier.
Typically, an ecommerce website visitor converts at between 1% and 3%. He said when Wildfire customers like Acorn and Microsoft use the white-label platform that conversion rises to between 12% and 18%.”
Microsoft integrated Wildfire coupons and CashBack in the Edge browser, for example, and
Bing search engine to make purchase decisions.
Wildfire powers Acorns’ white-label desktop extension for Acorns Earn, its rewards program that allows customers to earn money from more than 12,000 brands when they shop.
The company works with financial institutions, search engines, browsers, rewards services, telecom providers and device OEMs.
“We also see a 38% reduction in cart-abandonment rates compared with industry norms, because consumers are looking for cashback,” he said.
Wildfire plans to use the funding to expand the launch of its new white-label monetization platform that allows enterprise partners to embed social commerce, rewards, and cashback offers into existing customer journeys.