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Drop
Consumer rewards app
- 21-100 employees
- Fintech
- B2C
- Retail
- B2B
- Data Analysis
- Old Town, Toronto, ON
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Company mission
To inspire individuals to live their optimal lives by empowering them financially.
Our take
Drop is taking advantage of a trend towards open data by default. By using transaction data, it can provide a powerful customer acquisition tool for consumer brands. After scanning your credit card purchases, the app proceeds to give you offers on things you might want to spend money on.
Unlike other loyalty programs, Drop has focused on using its machine learning technology to focus and personalise the rewards that it provides customers. This has meant that its 5 million plus customers are continually getting value from its ‘Drop Points’, thereby delivering more value to its partner brands.
The company is now using its data-informed understanding of consumer behaviour to launch other B2B services. Most notably, it has launched the independent Cardify.ai which uses the first-party, consumer permissioned data set from Drop to provide holistic market research on millennial consumer spending for brands.
The biggest challenge for Drop will be continuing to win users in an increasingly crowded loyalty-program space. That shouldn't be a problem as it continues to provide outstanding values to major brands, which in return will be happy to offer their products at discount to Drop's users.
Steph
Company Specialist at Welcome to the Jungle
Benefits
- Employee stock options
- Lifestyle Spending Account for you to personalize the benefits that matter most
- Hybrid Model
- Employees have equitable access to personal and professional career development opportunities regardless of whether they are working primarily remotely, in-person, or abroad
- Define your own work-life balance and structure
- Unlimited Time Off
- Group Health Plan Coverage
Company values
- Passion
- Grit
- Humility
- Hustle
Funding (last 2 of 4 rounds)
Jan 2018
$21m
SERIES A
Oct 2017
$5.5m
SEED
Total funding: $31.1m
This company has top investors
Leadership
Derrick Fung
(CEO)Began career at CIBC World Markets on the trading floor. After founding Tunezy, a successful music startup that was acquired by SFX in 2013, then worked as an Entrepreneur in Residence at White Star Capital.
Darren Fung
(CTO)Led the engineering team at Tunezy, a platform for online musicians before returning to finish their engineering degree at University of Waterloo. Later became a senior engineer at Eventbrite before co-founding Drop.