Mall Networks, the Lexington, MA company behind JPMorgan Chase’s merchant-funded loyalty rewards program, has landed $7 million in additional funding to accelerate its product and market development.
The company (one of BTN’s top 10 companies to watch in 2007) claims its has tripled revenue and doubled its client base in the past year, and recently upgraded its rewards portal platform to include shopper search and comparison tools that expand customer redemption choices. With its roots in grocery loyalty programs—founder and CEO David Andre was CTO at Upromise—Mall Networks can use customer shopping results and searches to enhance the bank’s own customer marketing data. Besides financial institutions, Mall Networks targets card issuers, airlines and the hospitality industry.
According to a release, the financing is led by a new VC investor, Dave Ventures, and includes previous Mall Networks backers Flybridge Capital Partners, Venture Capital Fund of New England, and LBO Enterprises.