Maybe the silly old loyalty cards of retail shops which fill wallets around the world are not dead for good. Maybe they have just changed their firm and have reborn online?

At least traction of Helsinki-based Bonusway – an online loyalty platform with 1.5 million users and 3,500 e-commerce – seems to suggest so.

On Wednesday Bonusway unveiled a 6.9 million euros financing package to further boost its user acquisition and retention.

The funding package is a mixture of equity and debt financing. with venture capital coming from Buran VC and Vision+. The e-commerce loyalty service offers cash rewards and online shopping inspiration for consumers in Finland, Sweden, Turkey and Russia.

“The company has reached its previous operational targets and the latest investment round will enable us to be ready for wider expansion. Bonusway’s revenue is growing 15% monthly, which proves that there is a need for an online loyalty program which offers users actual money and at the same time it acts as a key driver for growth for online merchants,” Tatu Koistinen, CEO and co-founder of Bonusway, said in a statement.

The lead investor Buran VC is a Central and Eastern European venture fund founded in 2012. “We believe that this company is destined for success in its markets and we are a very good fit for each other, since our core geography is the same,” said Michael Szalontay, Managing Partner at Buran VC.
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