TORONTO–(BUSINESS WIRE)–Drop,
a millennial-focused rewards program, today announced the launch of its
platform in the US market fueled by a $5,500,000 venture capital
infusion. The seed round was led by Sierra Ventures with participation
from White Star Capital, ff Venture Capital, Portag3 Ventures and HOF
Capital.
Drop positions itself as the most user-friendly, flexible rewards
program with all rewards generated in-app, without the need for
countless brand-specific cards or accounts. Further proving its
consumer-first model, Drop allows members to link either their credit
and/or debit card to the app, so points are always collected, regardless
of the card consumers choose to use when spending.
Drop introduces a truly seamless, cross-merchant rewards experience to
the market that allows members to earn points without having to sign-up
for specific brand loyalty programs. Brands featured on the platform
include Sephora, Bloomingdales, The Body Shop, Amazon, Under Armour,
MeUndies, Boxed and more.
“Drop offers what young people want: a seamless experience,” says
founder and CEO, Derrick Fung. “We are incredibly excited to begin our
expansion into the US to give millennials a platform to earn the easiest
rewards they’ve ever earned, doing what they already do daily.”
Drop is a departure from the traditional rewards program, especially in
the credit card rewards industry. Traditionally, credit card points have
been funded by the “interchange fee,” or the fee paid by merchants to
accept that brand of card at their point-of-sale. Instead, Drop is
disrupting this model by pushing merchants to fund points.
For brands like the aforementioned, Drop creates a unique opportunity to
gain knowledge about consumers that they haven’t had access to before.
Since members have the option to link multiple cards to their Drop
account, retailers can be provided with a 360º view of shopping habits,
which gives a clearer proof of return on investment for the funding of
reward points.
“Drop is a unique concept that brings brand-agnostic rewards to
millennials to give them a fun, intuitive experience they crave, while
also giving brands an opportunity to hook new, loyal customers,” said
Mark Fernandes, at Sierra Ventures. “We’re excited to be an integral
part of Drop’s international expansion and seeing them scale beyond the
massive success they’ve seen in the Canadian market.”
The app is available for iOS
and Android.
For more information about Drop, visit http://www.earnwithdrop.com.
About Drop:
Drop is a personalized loyalty program focused on bringing value to
millennials to make their everyday more rewarding. Designed to fit into
any lifestyle, the Drop app lets members accrue points while shopping
their favorite brands, even if they don’t use a credit card. Founded in
2015, Drop has built up a base of hundreds of thousands of millennials
while reaching No.3 in the App Store. Whether it’s apparel, coffee,
sporting goods, or groceries, Drop enables the consumer to earn rewards
easily, without disrupting their existing shopping behaviors. This
intelligent mobile rewards program surfaces relevant offers and rewards
based on spend, creating a personalized, seamless experience for the
consumer.
