JPMorgan Chase & Co. and American Express Co. have purchased stakes in Rearden Commerce Inc., which is helping JPMorgan Chase to develop a customer loyalty platform for credit cardholders.
Rearden offers an online "personal assistant" service for people to manage things like business trips, restaurant reservations, and conference calls.
The Foster City, Calif., outfit said Tuesday that it had raised a combined $100 million of equity from the two credit card issuers and from the venture capital firms Oak Investment Partners and Foundation Capital.
A spokeswoman for Rearden would not say how much it got from each investor.
In a press release issued Tuesday, Gordon Smith, the chief executive officer of JPMorgan's Chase Card Services unit, said that "by partnering with Rearden Commerce, Chase will … drive the richest user experience and exceptional customer loyalty."
