According to PYMNTS.com, co-branded card startup Imprint announced a $150 million Series D funding round on Wednesday, December 17, which gives the company a new valuation of $1.2 billion. The company says it will use the capital to expand its offerings beyond credit into debit and secured cards, while powering its loyalty programs and connecting brands to users via the Imprint Rewards Network. CEO Daragh Murphy stated the goal is to evolve co-brand cards from a bank product into a “complete brand loyalty platform.” The announcement cited a 200% year-over-year growth in Imprint’s cardholder base and recent partnerships with brands like Rakuten, Booking.com, and Crate & Barrel. In related research, PYMNTS Intelligence found that on Black Friday, 58% of financially stressed shoppers used credit card installment features, and 52% of Gen Z consumers used rewards or points to cover holiday spending.
The Loyalty Pivot
Here’s the thing: calling yourself a “credit card company” just isn’t sexy enough for 2025. Imprint’s move is a clear signal that the real money isn’t in the interest from balances—it’s in the data and the loyalty loop. They’re basically saying the card is just the entry ticket. The main event is building a platform where brands can buy access to “reward-loving users,” as they put it. It’s a smart pivot. Instead of just being a middleman for payments, they want to be the essential glue between merchants and customers. That’s a much stickier, and potentially more valuable, business model. You can read more in their official announcement.
Rewards As Income
The related PYMNTS data is the real story that validates Imprint’s entire thesis. Consumers aren’t just using rewards for a little cash back anymore. They’re actively optimizing them “as a form of income.” That’s a huge shift. When 52% of Gen Z is using points to literally pay for their holiday gifts, it changes the calculus. The card isn’t a debt tool; it’s a strategic earnings tool. And if 49% of that same group is choosing where to shop based on reward value, then Imprint’s Rewards Network isn’t just an add-on—it’s potentially the primary driver of customer acquisition for their partner brands like Fetch. This turns the traditional credit card model on its head.
Who Loses Here?
So who should be worried? Traditional issuers who still view co-brand programs as simple, set-and-forget portfolio fillers are going to get left behind. Imprint is building a dynamic, software-driven loyalty engine that happens to issue payment cards. The other big loser could be standalone BNPL players. The data showed credit card installment plans became a “go-to liquidity tool” for stressed shoppers. Why open a separate tab with Klarna when your card already has a “pay in 4” button right there? It seems like the future is consolidation: one card, one app, multiple funding options (credit, debit, installments) all tied to a powerful, centralized rewards ecosystem. That’s the playbook Imprint is now funded to write.
