Credit card startup Imprint beats big banks for Rakuten co-brand deal

Company Overview - Imprint, a 5-year-old credit card startup, has successfully secured a co-branded card deal with Rakuten, indicating its growing influence in the co-branded credit card market [1] - The company recently raised $70 million in additional capital, increasing its valuation by 50% to $900 million within less than a year [2] Industry Dynamics - The co-branded credit card sector is highly competitive, with major players including JPMorgan Chase, Capital One, Citigroup, and Synchrony vying for partnerships with retailers, airlines, and hotels [3] - Imprint is actively engaging with Fortune 500 companies to establish partnerships, positioning itself as a viable alternative to larger banks like Synchrony and Barclays [4] Financial Position - Imprint has raised a total of $330 million, primarily retained on its balance sheet, to demonstrate financial stability to potential partners [4] - The startup has access to approximately $1.5 billion in credit lines from banks such as Citigroup, Truist, and Mizuho, which it utilizes to extend loans to card customers [5]