|By PR Newswire||
|April 1, 2014 12:00 PM EDT||
AUSTIN, Texas, April 1, 2014 /PRNewswire/ -- Buzz Points, Inc., a leader in connecting local merchants, community financial institutions and consumers through rewards, today announced that DFS Services LLC, parent company of PULSE Network LLC, and wholly owned subsidiary of Discover Financial Services, has made a strategic investment in Buzz Points, Inc. The investment in Buzz Points is part of a larger $19 million round of financing from multiple investors. Terms were not disclosed.
A key factor in DFS Services' investment decision was the growing success of the relationship between PULSE and Buzz Points. Since 2012, PULSE has worked with the company to offer "PULSE® Buzz Points" as a turnkey program to its financial institution participants to encourage their customers to shop locally and support local merchants.
PULSE aligned with Buzz Points to offer rewards to its participating financial institutions to encourage debit card customers to shop locally and support merchants in their communities. Participating cardholders earn reward points that can be redeemed for gift cards or donated to charitable causes. Buzz Points has processed more than $1.8 billion in transactions authorized by its partner financial institutions in the merchant offers program.
"PULSE has a recognized history of innovation and commitment to providing industry-leading debit products and services to its network participants," said Buzz Points CEO, Jay Valanju. "Their support has been, and will continue to be, a key driver behind our company's growth as we accelerate our marketing and sales efforts."
Buzz Points can be easily integrated into issuers' existing marketing programs. It allows financial institutions to cross-sell financial services, create engagement opportunities and build account-holder relationships.
"After evaluating several debit card loyalty programs, Buzz Points emerged as a leader and has demonstrated its value to issuers, consumers and merchants," said Dave Schneider, President of PULSE. "The investment enhances our efforts to leverage Buzz Points' technology throughout the network, while giving our issuers an outstanding merchant-centered loyalty program."
Buzz Points will use the funds to extend the existing footprint of banks and credit unions in the program and its marketing platform for local businesses in the U.S.
The investment round was led by Lead Edge Ventures, along with existing investors including KEC Ventures and Greycroft Ventures. Scott Booth, Buzz Points Board Member and Special Advisor at Lead Edge Capital, commented: "We are excited to strengthen the relationship with PULSE through this latest round of financing. PULSE's participation, in addition to the tremendous growth in customers, strengthens Buzz Points position as the go-to loyalty program for any financial institution in the United States."
About Buzz Points, Inc.
Buzz Points, Inc. (formerly known as Fisoc, Inc.) is the creator of the Buzz Points loyalty product suite, which connects consumers, local merchants and community financial institutions through social-media engagement, targeted marketing, and rewards. The Buzz Points Program enables credit unions and community banks to generate greater non-interest income, increase transactions, reduce account attrition, drive new loans and attract new customers. The Buzz Points Merchant Program provides additional revenue to financial institutions, increases existing consumer loyalty, and supports local businesses by increasing their market reach and attracting new customers. For more information, visit www.buzzpoints.com.
Buzz Points, Inc.
SOURCE Buzz Points, Inc.
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