11. September.2021 – MaxRewards, a digital wallet app, announced that it raised USD 3 Million in a seed funding round. The round was co-led by Dundee Venture Capital and Calano Ventures.
The funding round was participated by Fintech Ventures Fund, Techstars, Fleetcor president Nick Izquierdo and Service Provider Capital.
Words from investors –
Arron Solano, the managing partner at Calano, met Khan via Techstars and stated he is an advocate for using credit cards in the right way. His firm was looking for a company like MaxRewards.
“During our first call, I remember telling my partner that Anik was a bulldog who knew what he was talking about, especially at that stage,” Solano added. “He had strong team members, his vision lined up well and that checked off a massive box for us. He energized us and showed he could find a market with insanely high ‘super users.’ ”
Ron Watson, a partner at Dundee, said his firm invests in startups that are in seed stage between the coasts and is interested in e-commerce and consumer companies. Watson stated that he was impressed with what MaxRewards had come up with just a team of three. He also relates to the startup’s mission, having grown up in a lower, middle-class family that did not frequently go on vacations.
“I used to put my points into a spreadsheet, but as I got older and had kids, I realized how hard it was for the average person to do that and how important it is to have automation,” Watson said. “I downloaded the app, and on the first day, saved $20.”
About MaxRewards –
MaxRewards was initiated in 2017 by Anik Khan and David Gao. The app version was officially launched in 2019, and now the Atlanta-based company is utilizing those benefits was time-consuming and difficult, because the rewards and savings aren’t always made evident by credit card companies.
“Other companies have tried to do something similar, but the issue is you don’t have the reward information or the offers,” Anik Khan. “If you were to aggregate this information, you still would have to activate all of these things and use them before they expired.”
MaxRewards is a free to download app, and the majority of the app’s functionalities are free. Users who want additional features, like the auto-activation or rewards, can join MaxRewards Gold and are given the opportunity to choose their own monthly price — the average is over $25 per month — based on the value they expect to gain, Khan said.
After this, the company is going to automate rewards and savings across additional platforms like payment apps, debit cards, and cash back apps, as well as create extensions for browsers and a web app. Anik Khan also wants to do more on the education side with regard to using credit cards in a smart manner.
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