Digital Rewards Company Tango Card Raises $35 Million in Growth Equity from FTV Capital
SEATTLE–(BUSINESS WIRE)–Tango Card, the innovative provider of digital rewards and incentives to enterprise customers, today announced that it has raised $35 million in growth equity from FTV Capital. Tango Card will use the capital to continue investment in its core Reward Delivery Platform (RDP®) and Rewards as a Service (RaaS®) API, to scale its Rewards Genius™ dashboard, to deliver new marketplace integrations, and to accelerate international expansion and grow its workforce. As part of this transaction, Chris Winship and Robert Anderson of FTV Capital will join the company’s board of directors.
Tango Card’s purpose from day one has been to create a seamless and best-in-class experience for companies seeking to recognize and reward employees, engage existing customers, and attract new customers. Rewards and incentives are the key motivator in programs that drive material business results, including higher employee engagement, retention, and productivity; lower health insurance costs; faster revenue growth; and increased customer lifetime value.
“Our mission is clear – make rewards easy to send and awesome to receive,” said David Leeds, CEO and founder of Tango Card. “In the past, incentive programs were highly manual and the results were difficult to track. Tango Card delivers an enterprise-friendly solution that is easy to integrate, customizable, and expansive in its catalog of rewards and incentive offerings, serving over 2,000 satisfied customers that trust and rely on us to help them scale their business.”
One of those customers, Extole, the leading advocate marketing platform powering referral programs for hundreds of brands, has been automating the delivery of their egiftcards through Tango Card’s API since 2013. “Our programs succeed when they are incredibly responsive and give immediate gratification to customers. Tango Card helps us deliver egiftcards quickly, reliably, and exactly when they matter most. People deserve their rewards in real-time not when we get around to it. Tango Card shares that belief and has a platform that does just that,” said Chris Duskin, VP of Marketing at Extole.
Tango Card takes a unique approach to reward delivery technology, digital reward content, and program support that allows it to be responsive to customers and to scale quickly. Tango Card offers hundreds of digital gift cards and other products via its RaaS API, sends millions of rewards monthly, and supports customer needs in dozens of countries.
With this investment, Tango Card will continue to improve its RaaS API and Rewards Genius™ dashboard – offering customers ways to automate, administer, and validate the effectiveness of reward and incentive programs. To deliver on these growth initiatives and product improvements, Tango Card expects to make key hires at its Seattle headquarters.
“We have built our company in a capital efficient way. As the industry continues to evolve and grow, we see a tremendous opportunity to extend our leadership role,” Leeds continued. “We began a rigorous process late last year to find a growth equity partner that would be an excellent strategic fit for Tango Card. FTV was the number one partner on our list, sharing a similar vision for the industry and for our company. FTV brings a twenty-year proven track record helping successful, innovative companies continue their high growth. FTV also brings many potential enterprise customers through their Global Partner Network®, and we look forward to collaborating on potential commercial opportunities with their contacts.”
“With a $100 billion global market opportunity, the B2B prepaid space is massive and growing, and the gifting/incentive space continues its move from physical to digital delivery,” explained Chris Winship, FTV Capital partner. “Tango Card provides an industry-leading solution that capitalizes on this shift to digital, enabling its enterprise clients to efficiently use rewards and incentives for numerous use cases and to achieve business goals such as driving employee engagement and retention, improving employee culture and wellness, and incentivizing customer activities. We have been incredibly impressed with David and his team for their focused commitment to superior solutions for customers and end recipients.”
About Tango Card
Tango Card is the leader in digital incentives and rewards. We bundle simple technology, great rewards, and expert service to help companies get the most out of their rewards programs. With headquarters in Seattle and an office in Boise, our Reward Delivery Platform supports thousands of enterprise clients in the U.S. and abroad. For more information, visit www.tangocard.com.
About FTV Capital
FTV Capital is a growth equity investment firm that has raised over $2.7 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology & services, financial services, and payments & transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for nearly two decades. Founded in 1998, FTV Capital has invested in 100 portfolio companies, including payments and transaction processing companies such as CardConnect (acquired by First Data for $750 million), CashStar (acquired by Blackhawk Network for $175 million), Clearent, VPay, WePay (acquired by JPMorgan Chase & Co), and World First. FTV has offices in San Francisco and New York. For more information, visit ftvcapital.com.
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