Bengaluru: Bonusway, the e-Commerce loyalty program leader, raises $7.3 million in debt & equity financing led by Buran VC and Visionplus. This financing comprised of $3.9 million equity funding from Buran VC and Visionplus, and the remaining $3.4 million from banks.
Speaking on the funding, Tatu Koistinen, Co-Founder & CEO, Bonusway asserts, “The investment will be used for marketing to further boost the user acquisition and retention of Bonusway. 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 percent 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”.
Founded in 2011 by Lasse Järvinen and Tatu Koistinen, Bonusway serves consumers in Finland, Sweden, Turkey and Russia. The entity possesses a merchant-independent platform and is the industry leader in Northern and Eastern Europe with over 1.5 million users and 3500 e-Commerce partners worldwide. Offering cash rewards and online shopping inspiration for consumers, Bonusway proffers e-Commerce businesses loyal customers and a way to reach their marketing goals.
Michael Szalontay, Managing Partner, Buran VC, proclaims, “We are delighted to become part of the Bonusway journey. 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”.