Cardlytics first fintech firm to go public in 2018
Cardlytics now listed on Nasdaq
Data driven marketing tech firm Cardlytics has made its initial public offering (IPO) official, reports Julie Muhn at Finovate (FinTech Futures’ sister company).
Cardlytics is now listed on Nasdaq. It issued 5.4 million shares under the ticker symbol CDLX. The offering is expected to close on 13 February 2018, subject to closing conditions.
To celebrate this momentous event in the company’s ten-year history, Scott Grimes (Cardlytics’ CEO and co-founder) and Lynne Laube (COO and co-founder) rang the opening bell on Nasdaq.
“We believe becoming a publicly-listed company on Nasdaq will help Cardlytics continue to strengthen our partnerships with banks, drive meaningful consumer engagement, and help brands make their marketing more relevant and measurable through our Purchase Intelligence platform,” says Grimes.
In an analysis on Seeking Alpha, Gary Alexander notes that the market cap of $273 million places Cardlytics “on the small extreme of the IPO spectrum”. However, he adds that because Cardlytics is the first fintech – and even the first technology company – to go public this year, “it’s bound to get attention for signaling appetite in the IPO markets”.
Atlanta-based Cardlytics has raised a total of $203 million and counts ITC Holding Co, Kinetic Ventures, Canaan Partners, Polaris Venture Partners, and TTV Capital among its investors. In the nine months ending in September 2017, the company logged losses of $16 million on sales of $91 million.
Cardlytics leverages algorithms and machine learning to normalise raw purchase data and make it useful for marketers. It offers solutions for both marketers and banks, including:
- Insights: helps marketers make better business decisions across marketing, store operations, and real estate planning by viewing into customers’ actual purchase behaviour.
- Measure: leverages sales data to help marketers measure and optimise their marketing strategies.
- Purchase Intelligence: allows marketers to advertise within a native banking environment to capture new clients with the use of loyalty and rewards.
Last month, the company appointed Sathish Gaddipati as CTO.
