Cardlytics up 3% following IPO, raised $70 million

Atlanta-based Cardlytics made its public debut on Friday, closing the day at $13.37, just a little above the IPO price of $13. The company sold 5.4 million shares, raising $70 million.

Cardlytics works with financial institutions like Bank of America and 2,000 others to run cash back programs. It partners with brands across restaurant, retail, travel, grocery and home subscription categories to offer discounts. Starbucks, Spotify, Airbnb, Hilton and Whole Foods are amongst the places where banking customers will find deals.

The business “presents consumers with targeted offers based on their purchase behavior,” co-founder and CEO Scott Grimes told TechCrunch. And “we can drive people into stores, not just online.”

Bank customers select which deals they want and the…

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