PointsKash, a fintech startup based in Boca Raton, has raised an undisclosed amount in seed funding to develop a loyalty reward blockchain-based platform.
The funding round will be led by Seabury Global Markets and will allow the startup not only to launch its platform but also to implement its marketing initiatives. Rob Fleschler, CEO of Seabury Global Markets, said about the firm’s partnership with PointsKash:
“We are thrilled to partner and support the PointsKash team on their journey to improve the loyalty point redemption process and the introduction of digital wallets that allow consumers to freely spend their hard-earned points,”
The platform will be powered by Algorand, one of the biggest blockchain networks, to allow its users to aggregate, convert, track, and spend loyalty rewards via a mobile phone-linked application. Until now, crypto loyalty rewards had been limited to crypto debit cards issued by major crypto platforms but not, consumers will be able to redeem their loyalty points to cash by using cryptocurrency and blockchain technology.
By aggregating rewards, the startup expects consumers to enjoy increased flexibility and convenience not only by giving loyalty points immediate monetary value but also by acting as a bridge between multiple reward programs. Steve Janjic, PointsKash co-founder & CEO, said about this mission:
“We built PointsKash to help the consumer capture their portion of billions of dollars in reward and loyalty points available to them with a simple and easy to use application while providing points issuers with the ability to meet their redemption goals. We see an opportunity to bring consumers and points issuers together in one place. It’s about putting the power of points to work. Pay your way. Play your way. Give your way.”
Algorad will provide the platform with all the benefits of blockchain technology as well as its unique high-performance, low-cost, and full decentralization. This ensures that users have true ownership of their rewards via PointsKash’s innovative “rewards cash wallet”.