# PayPerks

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/payperks

- Industry: Financial Services
- Headquarters: New York, US
- Website: www.payperks.com
- Total disclosed funding: $2.6M
- Latest round: Series A (Jan 9, 2013)
- Investors on record: 5

## About

PayPerks delivers integrated education and rewards solutions that enhance financial literacy for cardholders through interactive tools and gamification, aimed at improving user engagement in financial management.Founded in 2009 by Jake Peters, PayPerks is based in New York, US, specializing in educational and rewards programs for cardholders. The company integrates its services into the smiONE ™ Card platform, having launched in 2010 and expanded its offerings notably in 2021. The company has successfully closed 4 funding deals, with the latest being a Series A round in January 2014, raising USD 2.6 mn from MentorTech Ventures. PayPerks has maintained a consistent focus on financial education throughout its operational history.PayPerks specializes in integrated education and rewards solutions designed to enhance the financial literacy and capability of cardholders. Its primary offerings include interactive educational tools, gamification elements, and rewards systems that encourage users to engage with their financial management more effectively. Launched in 2010 and subsequently integrated into the smiONE ™ Card platform in 2021, PayPerks targets a diverse clientele comprised of federal and state benefit payment cardholders, payroll card users, and general purpose reloadable cardholders. The program has been adopted in various geographical markets across the United States, with significant partnerships involving national banks, prepaid card issuers, and non-profits. By focusing on educational tutorials, quizzes, and rewards for improved card usage, PayPerks aims to solve challenges related to budgeting, saving, and overall financial management, serving millions of users throughout its operational history.Revenue generation for PayPerks is facilitated through partnerships with financial institutions and the smiONE ™ Card platform, creating a framework for business transactions that center on educational engagement and rewards. The service operates on a B2B model, providing educational resources to partners while also delivering direct benefits to consumers in the form of rewards and incentives for responsible financial behavior. Clients, including government entities and prepaid card issuers, engage with the platform through established contracts that outline the integration of education and rewards into their existing card systems. The structure of these transactions often involves performance-based rewards that incentivize user engagement, leading to increased usage and customer satisfaction. The PayPerks solution has garnered recognition and accolades within the financial services industry, underscoring its value proposition to its diverse range of clients.PayPerks aims to expand its product offerings, focusing on new interactive educational tools and gamification features slated for release within the next year. The company also plans to penetrate new geographic markets, targeting areas across the Midwest and Southeast regions of the US by 2025. The recent funding of USD 2.6 mn raised through the Series A round in January 2014 will be utilized to bolster product development and expansion efforts, ensuring that PayPerks can effectively enhance its educational solutions and reach a broader audience.

## Funding rounds

- Series A, Jan 9, 2013, $2.6M — MentorTech Ventures
- Series A, Sep 28, 2012 — DCM, MentorTech Ventures, Anthemis, Columbia University's Lang Fund, New York Angels
- Angel, Sep 1, 2010 — Anthemis, Columbia University's Lang Fund, New York Angels

## Investors

- Anthemis (https://capitalatlas.ai/funds/anthemis) — Angel, Series A
- Columbia University's Lang Fund — Angel, Series A
- New York Angels (https://capitalatlas.ai/funds/new-york-angels) — Angel, Series A
- DCM (https://capitalatlas.ai/funds/dcm) — Series A
- MentorTech Ventures (https://capitalatlas.ai/funds/mentortech-ventures) — Series A