Bits of Stock, an Amsterdam-based fintech platform, announced that it has secured $4.4M in a Seed round of funding from Keen Venture Partners and Yellow Accelerator by Snap Inc.
The Dutch company plans to use the funds to double its size and onboard around 200 brands in the next 12 months.
The company’s strategy is to expand its marketing and sales teams in the U.S. while maintaining a global development team in Amsterdam.
Bits of Stock aims to make financial products like fractional shares easily accessible, particularly for younger generations who have difficulties building long-term wealth.
Founded by Arash Asady, Colin Kuntz, and Ryan Gary, Bits of Stock is a consumer reward platform driving loyalty through stock rewards – fractional shares of private and publicly listed companies.
With this move, the company aims to replace the traditional methods, including points, loyalty cards, and cashback programs with assets that grow over time.
To start off, shoppers need to enroll a credit card in the Bits of Stock app to start earning rewards.
Additionally, the company is also launching a Growth Rewards API, enabling clients such as brands, retailers, neobanks, and BNPL providers, to embed rewards experience into their own applications and choose from thousands of fractional shares and crypto rewards.
Currently, Bits of Stock is working with 60 brands, including Adidas, KFC, Nike, Zara, and many more.
Subscription brands such as Uber, Spotify, and Netflix are also active on the platform, says the company.
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