New York-based startup Tap Network, a Rewards-as-a-Service technology company focused on enterprise rewards programs raised US$ 4M in Series A funding on 18 December 2020.
The investors include Revelis Capital, Nima Capital, the Forbes family office, Warner Music Group, Access Industries, Bill Tai, Bob Hurst and Edward Devlin among others.
About Tap Network
Founded in 2017 by media and advertising veterans Jared Christopherson and Lin Dai, TAP Network is a Rewards-as-a-Service technology company powering enterprise rewards programs in entertainment, travel, banking and blockchain. The startup claims that it has over 100+ million combined users worldwide. Its Micro-Redemption Marketplace offers 250,000+ redemption options in retail, entertainment, travel, hospitality and wellness for as little as $0.25 in points. TAP Network is on a mission to bring more rewarding opportunities for the everyday consumer. It aims to improve engagement and profitability for enterprise program partners.
Tap Network’s normal rewards programs are only accessible to the top 10% or 20% of a company’s customers. “So, the businesses have an opportunity to super-serve the average customers who might not have been considered important customers, but who today could be building a loyalty behaviour pattern,” said Lin Dai
Making rewards programs accessible to more customers has an added benefit for many businesses. Whether it’s a major bank or a major travel company, they are starting to accrue billions of dollars that are locked up in these wallets. Those points might never be redeemed, but they’re still considered liabilities from an accounting perspective. Tap Network aims to solve this problem by allowing customers to spend those points through a broader network of rewards, which can usually be redeemed at a lower point level.
Uber recently worked with Tap Network to expand its Uber Rewards program, offering new Tap Network-powered rewards like free Apple Music or HBO Max, as well as the option to donate to causes like World Central Kitchen. The minimum number of points needed to claim a reward fell from 500 points to 100 points. Some other companies that are using Tap Network include Warner Music Group and privacy-focused browser company Brave.
Tap Network is planning to allow consumers to combine rewards points from different programs in the future. “If I want to redeem something, I might be able to take a few of my Uber points, a little bit of my Warner points, a few points from another program and combine them,” said Lin Dai.
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