Customer loyalty program startup Thanx launched today with both a Visa and MasterCard partnership and $4.7 million in Series A funding from Sequoia Capital. An earlier seed round from SoftTech VC of $1.3 million brings the total funding raised to $6 million.
Thanx might have its work cut out for it, though. Most people don’t want to take the time fill out a form, carry around an extra rewards card, scan their phone like they do with Belly or type in their email or phone number every time they’re at checkout. And despite the 2.65 billion loyalty memberships in the U.S., about 60 percent go inactive within the first year and 30 percent of rewards go unredeemed, according to Colloquy.
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