The equity and debt financing breaks down as €3.7 million in equity from Buran VC and Visionplus and €3.2 million from banks.
Bonusway’s clients include ecommerce businesses that want to run loyalty programs for customers, both to attract new customers and bring existing ones back. Bonusway takes a commission of any sales that happen via its service.
It’s currently operating in Finland, Sweden, Turkey, and Russia and is planning on a Denmark launch with two or three more markets in the coming year.
The fresh round of funding will be used for marketing and user acquisition and retention. The company’s revenue is growing 15% monthly according to CEO Tatu Koistinen. It has 1.5 million users at present with 3,500 ecommerce partners, which includes Hotels.com, Expedia, and AliExpress.
“The company has reached its previous operational targets and the latest investment round will enable us to be ready for wider expansion,” said Koistinen. “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.”