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Tap Network raises $4M for its customizable rewards program

Tap Network raises $4M for its customizable rewards program

Tap Network is offering a brand new strategy to loyalty rewards applications that it describes as “rewards as a service.”

You might acknowledge the Tap Network identify, in addition to its co-founder and CEO Lin Dai, from Hooch, a startup that provided a drink-a-day subscription service earlier than shifting focus to a broader rewards program. Dai advised me he “realized so much from the Hooch expertise” however finally “determined that Tap is a a lot larger alternative, we’re actually taking a look at rewards normally.”

So Tap Network is a brand new startup, one which just lately raised $four million in funding from traders together with Revelis Capital, Nima Capital, the Forbes household workplace, Warner Music Group, Access Industries, Bill Tai, Bob Hurst, Edward Devlin and others.

Dai stated that standard rewards applications are solely accessible to the highest 10% or 20% of an organization’s clients. So in his view, companies have a possibility to “tremendous serve the common clients who 40 years in the past won’t have been thought-about necessary clients, however who as we speak could possibly be constructing a loyalty habits sample.”

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Image Credits: Tap Network

He added that making rewards applications accessible to extra clients has an additional benefit for a lot of companies, as a result of “whether or not it’s a serious financial institution or main journey firm, they’re beginning to accrue billions of {dollars}
which are locked up in these wallets.” Those factors would possibly by no means be redeemed, however they’re nonetheless thought-about liabilities from an accounting perspective.

Tap Network goals to unravel this downside by permitting clients to spend these factors by a broader community of rewards, which might often be redeemed at a decrease level degree. It’s provided as a white-label addition to an current rewards program, with every program selecting the rewards that is likely to be the very best match for his or her clients.

For instance, Uber just lately labored with Tap Network to develop its Uber Rewards program, providing new Tap Network-powered rewards like free Apple Music or HBO Max, in addition to the choice to donate to causes like World Central Kitchen. And the minimal variety of factors wanted to assert a reward fell from 500 factors to 100 factors.

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Other firms utilizing Tap Network embrace Warner Music Group (which, as beforehand talked about, can be an investor) and privacy-focused browser firm Brave.

Dai stated that sooner or later, Tap might even enable shoppers to mix rewards factors from totally different applications: “If I wish to redeem one thing, I would be capable of take a little bit little bit of my Uber factors, a little bit little bit of my Warner factors, a little bit little bit of factors from one other program” and mix them.

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