Latest news with #Imprint
NBC News
6 days ago
- Business
- NBC News
Credit card startup Imprint beats big banks for Rakuten co-brand deal
There's a new player making waves in an industry dominated by big banks. Imprint, the 5-year-old credit card startup, beat out banks in a competitive bidding process for a new co-branded card from online shopping platform Rakuten, CNBC has learned. The deal is the most recent sign that Imprint is gaining traction in the co-branded credit card industry. The New York-based startup also just raised $70 million in additional capital, boosting its valuation by 50% to $900 million less than a year from its previous round, according to Imprint CEO Daragh Murphy. Credit card partnerships with retailers, airlines and hotels are some of the most hotly contested deals in finance. Brands often go through extensive bidding processes to select a card company, while the companies compete for the right to issue cards to millions of loyal customers. The industry's largest players include JPMorgan Chase, Capital One, Citigroup and Synchrony. 'We're talking to Fortune 500 companies about being their partner and them choosing us over Synchrony, over Barclays, over U.S. Bank,' Murphy said in an interview. 'We have to kind of walk and talk like we're a big, important company, even though we still have a startup ethos.' That's why the company recently raised capital, bringing its total to $330 million, most of which is held on the firm's balance sheet, according to Murphy. Those funds help show potential partners that Imprint has staying power, he said. Imprint also has about $1.5 billion in credit lines from banks including Citigroup, Truist and Mizuho, which it uses to extend loans to card customers, Murphy said. The startup is behind the cards from brands including Eddie Bauer, Brooks Brothers and Turkish Airlines. 'Banks are in trouble' To offer its credit cards, Imprint usually partners with one of two small banks, First Electronic Bank or First Bank and Trust. Imprint handles the customer experience, including the technology and credit decisions, while using the credit card rails of regulated banks. In the case of the Rakuten card, Imprint is relying on the American Express network, which allows users to get Amex purchase protections and other perks. It is using First Electronic Bank to help issue the cards. 'Though we're not a regulated bank, we're effectively building a bank,' Murphy said. 'We have to do all the same things as a bank. We're a capital markets company; we're a compliance company; we're a risk and credit and fraud company; we're a technology company.' To gain a toehold in the market for co-branded cards, which can be used anywhere credit cards are accepted, Imprint decided it would focus on a seamless digital experience for customers, Murphy said. That requires technology integration that is difficult for established players who rely on third-party companies including Fiserv to complete transactions, he said. 'The banks are in trouble because they don't own the technology that the credit card runs on,' Murphy said. 'Every credit card in your wallet, whether it's Chase … or from Citi or Synchrony, they rely on two or three different third parties to power the technology.' Fees & rewards Imprint also decided to set itself apart by making it easy for customers to pay off their loans, Murphy said. Card companies including Bread Financial and Synchrony make a far larger percentage of revenue from late fees than Imprint does, he said. 'You shouldn't have all these regressive late fees, and you shouldn't make it hard to pay,' Murphy said. 'The easier we make it to pay, the more likely you are to use the card, and the more likely you are to use the card, the better it is for everybody.' Finally, Murphy said the company's low customer acquisition costs allow it to fund more rewards for card users. The new Rakuten card, for instance, offers users an extra 4% in cash back in addition to what customers earn through shopping on the online portal, capped at $7,000 in spending per year. Users also earn 10% in cash back while dining at Rakuten's partner restaurants, and 2% cash back on groceries and non-partner restaurants. discontinued in 2022.
CNBC
6 days ago
- Business
- CNBC
Credit card startup Imprint beats big banks for Rakuten co-brand deal
There's a new player making waves in an industry dominated by big banks. Imprint, the 5-year-old credit card startup, beat out banks in a competitive bidding process for a new co-branded card from online shopping platform Rakuten, CNBC has learned. The deal, which is set to be announced later Tuesday, is the most recent sign that Imprint is gaining traction in the co-branded credit card industry. The New York-based startup also just raised $70 million in additional capital, boosting its valuation by 50% to $900 million less than a year from its previous round, according to Imprint CEO Daragh Murphy. Credit card partnerships with retailers, airlines and hotels are some of the most hotly contested deals in finance. Brands often go through extensive bidding processes to select a card company, while the companies compete for the right to issue cards to millions of loyal customers. The industry's largest players include JPMorgan Chase, Capital One, Citigroup and Synchrony. "We're talking to Fortune 500 companies about being their partner and them choosing us over Synchrony, over Barclays, over U.S. Bank," Murphy said in an interview. "We have to kind of walk and talk like we're a big, important company, even though we still have a startup ethos." That's why the company recently raised capital, bringing its total to $330 million, most of which is held on the firm's balance sheet, according to Murphy. Those funds help show potential partners that Imprint has staying power, he said. Imprint also has about $1.5 billion in credit lines from banks including Citigroup, Truist and Mizuho, which it uses to extend loans to card customers, Murphy said. The startup is also behind the cards from brands including Eddie Bauer, Brooks Brothers and Turkish Airlines. To offer its credit cards, Imprint usually partners with one of two small banks, First Electronic Bank or First Bank and Trust. Imprint handles the customer experience, including the technology and credit decisions, while using the credit card rails of regulated banks. In the case of the Rakuten card, Imprint is relying on the American Express network, which allows users to get Amex purchase protections and other perks. It is using First Electronic Bank to help issue the cards. "Though we're not a regulated bank, we're effectively building a bank," Murphy said. "We have to do all the same things as a bank. We're a capital markets company; we're a compliance company; we're a risk and credit and fraud company; we're a technology company." To gain a toehold in the market for co-branded cards, which can be used anywhere credit cards are accepted, Imprint decided it would focus on a seamless digital experience for customers, Murphy said. That requires technology integration that is difficult for established players who rely on third-party companies including Fiserv to complete transactions, he said. "The banks are in trouble because they don't own the technology that the credit card runs on," Murphy said. "Every credit card in your wallet, whether it's Chase, Amex or from Citi or Synchrony, they rely on two or three different third parties to power the technology." Imprint also decided to set itself apart by making it easy for customers to pay off their loans, Murphy said. Card companies including Bread Financial and Synchrony make a far larger percentage of revenue from late fees than Imprint does, he said. "You shouldn't have all these regressive late fees, and you shouldn't make it hard to pay," Murphy said. "The easier we make it to pay, the more likely you are to use the card, and the more likely you are to use the card, the better it is for everybody." Finally, Murphy said the company's low customer acquisition costs allow it to fund more rewards for his customers. The new Rakuten card, for instance, offers users an extra 4% in cash back in addition to what customers earn through shopping on the online portal, capped at $7,000 in spending per year. Users also earn 10% in cash back while dining at Rakuten's partner restaurants, and 2% cash back on groceries and non-partner restaurants.
Finextra
25-06-2025
- Business
- Finextra
Imprint adds cash flow analytics from Nova Credit for thin file borrowers
Imprint, the leading provider of modern co-branded credit cards, today announced a partnership with leading credit infrastructure and analytics company Nova Credit to introduce cash flow analytics to its suite of underwriting capabilities, unlocking a more real-time and granular view of consumer financial health, and expanding consumer access to credit. 0 To launch this functionality, Imprint will integrate the Nova Credit Platform capabilities into Imprint's existing decisioning workflows, powered by leading identity and fraud prevention platform, Alloy. Many Americans struggle with obtaining access to credit because they have a thin credit file, or are recovering from a financial setback that has negatively impacted their credit report. Imprint's partnership with Nova Credit, utilizing pre-built integrations through Alloy, will provide more holistic insights to help Imprint make better lending decisions. This allows the company to expand credit access to even more consumers, and to offer deferred interest plans and low-interest installment plans to an entirely new set of consumers. 'At Imprint, we are always looking to deliver the best results for our partner brands and their customers,' said Daragh Murphy, CEO of Imprint.'This partnership with Nova Credit strengthens our underwriting approach without sacrificing speed, leading to better-informed credit decisions.' 'At Nova Credit, we've always believed that financial access shouldn't be limited by the traditional credit system,' said Misha Esipov, Co-founder and CEO of Nova Credit. 'By integrating our cash flow analytics directly into Alloy's centralized identity and fraud prevention platform, we're streamlining underwriting decisions for Imprint's partners and creating new pathways for people to access the financial products they deserve.'
Scoop
05-05-2025
- Entertainment
- Scoop
Imprint 2025 Opening Event Hosted At Square Edge Community Arts
Press Release – Imprint Sharing the Main Gallery at Square Edge Community Arts in Palmerston North, this group of artists imbue their skill and passion for printmaking in an exhibition that showcases to the public the breadth and variety of printmaking styles and … Curators: Jen Wiggle BEM & Hamish Macaulay LOCATION Square Edge Community Arts, 47 The Square, Palmerston North, NZ DATE Saturday 10 May, 3pm to 7pm Exhibition season – 30 April to 24 May 2025 Imprint – Contemporary NZ Printmakers Showcase brings together a group of accomplished New Zealand printmakers exploring the many forms of this age-old medium. From traditional techniques such as etching and linocut through to contemporary processes including screen printing, gel plate printing and collagraph, the selected artisans display work created at the forefront of contemporary printmaking in NZ currently. 'This show celebrates the fine art of printmaking. We are excited to bring together these artists in an exhibition that demonstrates the breadth of unique and varied forms of printmaking in Aotearoa New Zealand today' Jen Wiggle & Hamish Macaulay, Imprint curators. Sharing the Main Gallery at Square Edge Community Arts in Palmerston North, this group of artists imbue their skill and passion for printmaking in an exhibition that showcases to the public the breadth and variety of printmaking styles and techniques. Opening Event on 10 May – Experienced printmakers will be on hand from 3 to 5.30pm, to share their knowledge and skills through 'Have-a-Go' printmaking workshops, and printmaker demonstrations and talks. Following the workshops, artist talks and demonstrations there will be a Prizegiving Function to celebrate this year's exhibition. • Workshops, artist talks and demonstrations, 3 – 5.30pm • Opening Function & Prizegiving 5.30 – 7pm Artists: Carrie Carey, Denise Durkin, Gabrielle Fawkner, Nicki Frances, Mark Graver RE, Peter Gunn (TePuu), Graham Hall, Simon Holmes, Josef Kieninger, Hamish Macaulay, Jolene Maciak, Rosemary Mortimer, Sarah Nightingale, Mark Alister Raymer, Gaby Reade, Kathy Reilly, Nicol Sanders-Oshea, Kate Steiner, Patrick Tyman, Kirsty White Curators: Jen Wiggle BEM & Hamish Macaulay We would like to thank Palmerston North City Council, Creative New Zealand, Gordon Harris Art Supplies, Liquidtex and Jacquard for their generous support for this exhibition. The Curators Jen Wiggle is drawn to the arts through various mediums as an observer; a director or curator; as a collector; and as a participant. She is an experienced project manager with a background in education. She holds a Diploma of Theatre Studies and is qualified in Interior Décor. Her training influences her curation style where she draws on composition and directing to curate an exhibition, interested in the narrative created by artworks interacting within a space. Jen is an artist member of international artists organisation ArtCan and has served on their advisory group since 2019. She has curated exhibitions in gallery and online including 'Way of Seeing' and 'Set in Stone' in the UK and 'Amplify' at the Academy Galleries. Jen was Vice President at the New Zealand Academy of Fine Arts from 2021 to 2023. In 2024 Jen and Hamish produced and curated the first Imprint exhibition at NZ Academy of Fine Arts, bringing together 11 contemporary printmakers in a celebration of the fine art of printmaking. Website: Social media: @ginmacwig Hamish Macaulay is an award-winning printmaker and painter based in Kāpiti, New Zealand. He returned home to Aotearoa NZ in 2021 after 14 years living in London. Hamish's repertoire spans conceptual abstracts to figurative landscapes and seascapes, with a deep love of nature and his surroundings anchoring his creative vision. His art is held in public collections (Te Papa Museum of New Zealand), and private collections internationally including the UK, Europe, USA, South Africa, and Australasia. He is currently represented by galleries in London, and throughout New Zealand. Website: Social media: @ Square Edge Community Arts, Palmerston North Square Edge Community Arts are a not-for-profit organisation with over 40 years of experience working with and within our community. Square Edge are governed by a community board and have a team of four passionate staff all working part-time hours to manage our arts centre building, galleries, gallery shop, tenancies, and a wide array of programmes and events. We house, host, and offer self-representation and the opportunity to build sustainable incomes to our eclectic, vibrant, colourful and hugely diverse community.
Scoop
05-05-2025
- Entertainment
- Scoop
Imprint 2025 Opening Event Hosted At Square Edge Community Arts
Imprint - Contemporary NZ Printmakers Showcase 2025 Curators: Jen Wiggle BEM & Hamish Macaulay LOCATION Square Edge Community Arts, 47 The Square, Palmerston North, NZ DATE Saturday 10 May, 3pm to 7pm Exhibition season - 30 April to 24 May 2025 Imprint – Contemporary NZ Printmakers Showcase brings together a group of accomplished New Zealand printmakers exploring the many forms of this age-old medium. From traditional techniques such as etching and linocut through to contemporary processes including screen printing, gel plate printing and collagraph, the selected artisans display work created at the forefront of contemporary printmaking in NZ currently. 'This show celebrates the fine art of printmaking. We are excited to bring together these artists in an exhibition that demonstrates the breadth of unique and varied forms of printmaking in Aotearoa New Zealand today' Jen Wiggle & Hamish Macaulay, Imprint curators. Sharing the Main Gallery at Square Edge Community Arts in Palmerston North, this group of artists imbue their skill and passion for printmaking in an exhibition that showcases to the public the breadth and variety of printmaking styles and techniques. Opening Event on 10 May - Experienced printmakers will be on hand from 3 to 5.30pm, to share their knowledge and skills through 'Have-a-Go' printmaking workshops, and printmaker demonstrations and talks. Following the workshops, artist talks and demonstrations there will be a Prizegiving Function to celebrate this year's exhibition. • Workshops, artist talks and demonstrations, 3 - 5.30pm • Opening Function & Prizegiving 5.30 - 7pm Artists: Carrie Carey, Denise Durkin, Gabrielle Fawkner, Nicki Frances, Mark Graver RE, Peter Gunn (TePuu), Graham Hall, Simon Holmes, Josef Kieninger, Hamish Macaulay, Jolene Maciak, Rosemary Mortimer, Sarah Nightingale, Mark Alister Raymer, Gaby Reade, Kathy Reilly, Nicol Sanders-Oshea, Kate Steiner, Patrick Tyman, Kirsty White Curators: Jen Wiggle BEM & Hamish Macaulay We would like to thank Palmerston North City Council, Creative New Zealand, Gordon Harris Art Supplies, Liquidtex and Jacquard for their generous support for this exhibition. The Curators Jen Wiggle is drawn to the arts through various mediums as an observer; a director or curator; as a collector; and as a participant. She is an experienced project manager with a background in education. She holds a Diploma of Theatre Studies and is qualified in Interior Décor. Her training influences her curation style where she draws on composition and directing to curate an exhibition, interested in the narrative created by artworks interacting within a space. Jen is an artist member of international artists organisation ArtCan and has served on their advisory group since 2019. She has curated exhibitions in gallery and online including 'Way of Seeing' and 'Set in Stone' in the UK and 'Amplify' at the Academy Galleries. Jen was Vice President at the New Zealand Academy of Fine Arts from 2021 to 2023. In 2024 Jen and Hamish produced and curated the first Imprint exhibition at NZ Academy of Fine Arts, bringing together 11 contemporary printmakers in a celebration of the fine art of printmaking. Website: Social media: @ginmacwig Hamish Macaulay is an award-winning printmaker and painter based in Kāpiti, New Zealand. He returned home to Aotearoa NZ in 2021 after 14 years living in London. Hamish's repertoire spans conceptual abstracts to figurative landscapes and seascapes, with a deep love of nature and his surroundings anchoring his creative vision. His art is held in public collections (Te Papa Museum of New Zealand), and private collections internationally including the UK, Europe, USA, South Africa, and Australasia. He is currently represented by galleries in London, and throughout New Zealand. Website: Social media: @ Square Edge Community Arts, Palmerston North Square Edge Community Arts are a not-for-profit organisation with over 40 years of experience working with and within our community. Square Edge are governed by a community board and have a team of four passionate staff all working part-time hours to manage our arts centre building, galleries, gallery shop, tenancies, and a wide array of programmes and events. We house, host, and offer self-representation and the opportunity to build sustainable incomes to our eclectic, vibrant, colourful and hugely diverse community.
