−Removed: Our company's mission is to make commerce smarter and rewarding for everyone.
−Removed: We work to accomplish this mission by operating an advertising platform within our own and our partners' digital channels, which includes online, mobile applications, email and various real-time notifications (the "Cardlytics platform").
−Removed: We also operate a customer data platform that utilizes point-of-sale ("POS") data, including product-level purchase data, to enable marketers to perform analytics and targeted loyalty marketing and also measure the impact of their marketing (the "Bridg platform").
+Added: We operate a commerce media platform that is designed to make commerce smarter and rewarding for everyone.
+Added: At the core of our commerce media platform is the financial media network that we run within our partners' digital channels, which includes online and mobile applications (the "Cardlytics platform").
+Added: Additionally, we operate an identity resolution platform that utilizes point-of-sale ("POS") data, including product-level purchase data, to enable marketers to perform analytics and targeted loyalty marketing and also measure the impact of their marketing (the "Bridg platform").
The partners for the Cardlytics platform are predominantly financial institutions ("FI partners") that provide us with access to their anonymized purchase data and digital banking customers.
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By applying advanced analytics to the purchase data we receive, we make it actionable, helping marketers reach potential buyers at scale and measure the true sales impact of their marketing spend.
−Removed: We have strong relationships with leading marketers across a variety of industries, including retail, restaurant, travel and entertainment, direct-to-consumer, and grocery and gas.
−Removed: Our purchase intelligence, coupled with our access to customers using our and our partners' digital channels, enables us to help solve fundamental problems for marketers.
+Added: We have strong relationships with leading marketers across a variety of industries, including everyday spend, specialty retail, restaurant, travel and entertainment.
+Added: Our data capabilities, coupled with our access to customers using our partners' digital channels, enable us to help solve fundamental problems for marketers.
Marketers increasingly have access to data on the purchase behavior of their customers in their own stores, websites and loyalty programs.
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With the Cardlytics platform, we enable marketers to reach potential customers across our network of FI partners through their digital banking accounts and present them relevant offers to save money when they are thinking about their finances.
−Removed: With the Bridg platform, we enable marketers to leverage their own POS data and reach their customers across a wide variety of digital advertising channels that they would not otherwise be able to identify and reach.
−Removed: Marketers are also challenged to measure the performance of their marketing.
−Removed: This issue is particularly acute with respect to measuring the impact of marketing on in-store sales, where the vast majority of consumer spending occurs.
−Removed: We believe our platforms transform purchase data into purchase intelligence, creating a disruptive opportunity to comprehensively address these challenges by enabling marketers to precisely measure how marketing drives both in-store and online sales through "closed loop-measurement."
+Added: With the Bridg platform, we enable marketers to leverage their own POS data and reach their customers across a wide variety of digital advertising channels that they would not otherwise be able to identify and reach, or to reach customers based on their product-level past purchases.
+Added: Marketers are also challenged to measure the performance of their marketing, and our financial media network addresses these challenges by enabling marketers to precisely measure how marketing drives both in-store and online sales through "closed loop-measurement."
The Cardlytics Platform
−Removed: Through the Cardlytics platform, marketers can deliver advertising content to customers that allows them to earn rewards, which are funded with a portion of the fees we collect from marketers.
+Added: Through the Cardlytics platform, our financial media network, marketers can deliver advertising content to customers that allows them to earn rewards, which are funded with a portion of the fees we collect from marketers.
Additionally, the Cardlytics platform benefits customers and enhances their overall experience by showing them relevant advertisements tailored to their spending patterns and specific interests.
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Leveraging our powerful predictive analytics, we create compelling rewards that have the potential to drive deeper and more sustained use of the FI's digital channels, which we believe reduces customer attrition and increases use of the FI partners’ credit and debit cards.
−Removed: Today, our FI partners include Bank of America, National Association ("Bank of America"), JPMorgan Chase Bank, National Association (“Chase”) and Wells Fargo Bank, National Association ("Wells Fargo"), as well as many other national and regional financial institutions, financial technology companies and virtual-only banks.
−Removed: We also partner with several of the largest bank processors and digital banking providers to help us reach customers of small and mid-sized FI partners.
+Added: Today, our FI partners include Bank of America, National Association ("Bank of America"), JPMorgan Chase Bank, National Association ("Chase"), Wells Fargo Bank, National Association ("Wells Fargo"), and American Express Travel Related Services Company, Inc.
+Added: ("American Express"), as well as many other national and regional financial institutions, financial technology companies and virtual-only banks.
+Added: We also partner with multiple bank processors and digital banking providers to help us reach customers of small and mid-sized FI partners.
The Bridg Platform
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Bridg also enables marketers to measure the impact of their marketing.
−Removed: The Bridg platform's unique ability to identify, understand, and engage previously unreachable in-store customers is made possible through industry leading identity resolution, proprietary census of identity and characteristics, and unique strategic data partnerships.
−Removed: In 2023, we launched an additional product offered through the Bridg platform, Rippl, a data and media network.
−Removed: This product is a unique solution that unlocks profitable retail media partnerships for regional grocers, brands, and consumer packaged goods companies by leveraging first-party customer data in order to strengthen targeting capability for retail media purposes.
−Removed: Purchase Intelligence
+Added: The Bridg platform's unique ability to identify, understand, and engage previously unreachable in-store customers is made possible through industry leading identity resolution capabilities, a proprietary census of customers' identity and characteristics, and unique strategic data partnerships.
+Added: In 2023, we launched an additional product offered through the Bridg platform, Rippl, our retail media network.
+Added: This product is a unique solution that unlocks profitable retail media partnerships for regional grocers, brands, and consumer packaged goods companies by leveraging customer data in order to strengthen targeting capability for retail media purposes.
+Added: Data and Analytics
Purchase Data from our FI Partners
Purchase data from our FI partners provides a secure view into where and when consumers are spending their money.
−Removed: The Cardlytics platform aggregates and analyzes purchase data without any personally identifiable information ("PII") leaving the FI partnersor otherwise being made available to us.
+Added: Our financial media network aggregates and analyzes purchase data without any personal data leaving the FI partners or otherwise being made available to us.
The data provided by the FI partner is anonymized so that it cannot be associated with any one individual.
In the U.S., the Cardlytics platform ingests approximately one in every two debit and credit card transactions.
−Removed: This data allows us to serve relevant advertisements to our FI partners’ customers through our native bank advertising channel.
−Removed: We also leverage the power of purchase intelligence to provide marketers utilizing the Cardlytics platform with valuable insights into the preferences of their actual or potential customers wherever they shop.
+Added: This data allows us to serve relevant advertisements to our FI partners' customers through our financial media network.
+Added: We also leverage the power of our data to provide marketers utilizing our financial media network with valuable insights into the preferences of their actual or potential customers wherever they shop.
Point-of-Sale Data from our Merchant Data Partners
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Advanced Analytics Capabilities
−Removed: The advanced analytics we apply to our unique purchase datasets are what transform them into valuable purchase intelligence.
We use sophisticated quantitative methods to quickly access our massive volumes of data and make sense of past customer spend—and, importantly, predict future customer spend.
Our analytics make our data actionable, enabling us to develop insights that marketers and partners rely on to make more informed business decisions and create more meaningful customer connections.
−Removed: Since we are able to measure the impact marketing campaigns have on in-store and online sales, marketers can use our purchase intelligence to optimize their advertising efforts with new or increased investment in the Cardlytics and Bridg platforms.
+Added: Since we are able to measure the impact marketing campaigns have on in-store and online sales, marketers can use our data capabilities to optimize their advertising efforts with new or increased investment in the Cardlytics and Bridg platforms.
Given our granular view into consumer spending across all categories, we can also help marketers identify share shift against their competition and learn more about where else their customers spend their money.
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A critical part of our strategy involves a design focused on gathering data without collecting, maintaining or using sensitive personal data, such as social security numbers, credit card numbers, financial account information or medical records.
−Removed: Our platforms are designed so that we do not receive or have access to any PII from our FI partners.
−Removed: We only target marketing against anonymized data and/or data that has undergone processing such that it is only linked to anonymized identifiers.
−Removed: Our privacy and security standards have also been designed to meet the requirements of, and safeguard the reputations of, our partners and marketers, many of which are large, multinational corporations.
+Added: Our platforms are designed so that we do not receive or have access to any personal data from our FI partners.
+Added: We only target marketing against anonymized data or data that has undergone processing such that it is only linked to anonymized identifiers.
+Added: Our privacy and security standards have also been designed to meet the requirements, and safeguard the reputations, of our partners and marketers, many of which are large, multinational corporations.
These customers frequently audit our practices and engage in detailed assessments of our infrastructure.
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• Significant Scale with FI Partners and Deeply Embedded Solution .
−Removed: We are generally the primary provider of native bank channel digital advertising to our FI partners.
+Added: We are the primary provider of native bank channel digital advertising to many of our FI partners.
Our ability to connect and support multiple banks as a single vendor provides network scale that would otherwise be impossible for a single bank to achieve.
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We have access to consumers through both online and mobile channels and are increasingly reaching them through various other channels, including emails and real-time notifications.
−Removed: • Massive Reach Informed by Purchase Intelligence .
+Added: • Massive Data Set and Reach .
During 2024, the Cardlytics platform analyzed approximatel y $5.8 trillion in purchases across all categories and geographies, both online and in-store.
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We provide compelling return on advertising spend due to our ability to influence likely buyers, which we demonstrate through our insights into consumer purchase data.
−Removed: This allows us to serve marketers at scale across a variety of industries, including retail, restaurant, travel and entertainment, direct-to-consumer, and grocery and gas.
+Added: This allows us to serve marketers at scale across a variety of industries, including everyday spend, specialty retail, restaurant, travel and entertainment.
By serving these marketers at scale, we have developed deep insight into consumer behavior, which has allowed us to optimize how we reach and influence likely buyers.
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• Proprietary Technology Architecture and Advanced Analytics Capabilities .
−Removed: We have designed the Cardlytics platform to protect first-party data.
−Removed: Our proprietary, distributed architecture helps facilitate both the effective delivery of our solution and the protection of our FI partners' customers' PII.
−Removed: No PII is shared by FI partners with Cardlytics and the data received from FI partners is anonymized and cannot be associated with any known individual.
+Added: We have designed the Cardlytics platform to protect our data.
+Added: Our proprietary, distributed architecture helps facilitate both the effective delivery of our solution and the protection of our FI partners' customers' personal data.
+Added: No personal data is shared by FI partners with Cardlytics and the data received from FI partners is anonymized and cannot be associated with any known individual.
Our technologies leverage proprietary algorithms to process raw purchase data into normalized purchase history useful for marketing and analytics.
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Further, we apply advanced analytics to continuously increase our intelligence capabilities and identify actionable behavior patterns for our marketers.
−Removed: Our advanced analytics capabilities are what transforms our unique purchase dataset into valuable purchase intelligence.
We use sophisticated quantitative methods to quickly access our massive volumes of data and make sense of what has happened—and, importantly, what is likely to happen.
−Removed: Our analytics makes our data actionable, enabling us to develop insights that marketers and partners rely on to make more informed business decisions and create more meaningful customer connections.
+Added: Our analytics make our data actionable, enabling us to develop insights that marketers and partners rely on to make more informed business decisions and create more meaningful customer connections.
• Loyalty Tactics Beyond Loyalty Programs .
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We intend to continue expanding our sales and marketing efforts to grow our share of advertising budgets from existing marketers and attract new brands, merchants and service providers, both directly and through advertising agencies.
−Removed: We also intend to grow our business with new marketers in newer industry verticals such as travel and entertainment, direct-to-consumer, and grocery and gas.
We also intend to continue growing the footprint of the Bridg platform through both new and existing merchant data partners.
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Bank of America may terminate the GSA at any time upon 90 days' written notice.
−Removed: The GSA will automatically renew for 12-month periods thereafter, unless terminated earlier in accordance with the terms of the GSA.
+Added: The GSA will automatically renew on a monthly basis, unless terminated by either party upon 90 days' written notice.
Under the GSA, we share the revenue that we generate from the sale of advertising within the Bank of America channel with Bank of America, subject to certain exceptions.
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We have dedicated sales teams responsible for establishing relationships with marketers and their agencies.
−Removed: Our sales teams are organized by industry, which include retail, restaurant, travel and entertainment, direct-to-consumer, grocery and gas.
+Added: Our sales teams are organized by industry, which include everyday spend, specialty retail, restaurant, travel and entertainment.
Each industry team is led by an experienced sales manager and staffed with sales, sales support and service specialists who have deep domain knowledge and industry operating experience.
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Our FI partner sales team helps drive adoption of our solution offerings and partners with FIs to develop curated content and enhancements to the user experience for FI partners' customers to drive increased engagement with the Cardlytics Platform.
−Removed: The market for utilizing purchase intelligence to power marketing decisions is still emerging, and we believe we are one of the only companies that can provide purchase intelligence with the scale and the level of granularity that is equivalent to ours.
+Added: The market for utilizing purchase data to power marketing decisions is still emerging, and we believe we are one of the only companies that can utilize purchase data with the scale and the level of granularity that is equivalent to ours.
We believe that we are the only company that leverages purchase data to enable marketing through FI partner channels at scale, although we believe we currently have competition from other companies that deliver similar solutions on a smaller scale.
−Removed: In the future, we may face greater competition from other bank service providers, online retailers, credit card companies, digital publishers and mobile pay providers with access to a substantial amount of consumer purchase data.
+Added: In the future, we may face greater competition from other bank service providers, online retailers, credit card companies, digital publishers, mobile pay providers with access to a substantial amount of consumer purchase data, and our FI partners that have introduced, or may in the future introduce, competitive solutions.
There also may be companies with access to FI data that do not enable marketing through FI partner channels at scale today that may be able to do so in the future.
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• ability to attract, retain and develop leading-edge sales, account management, analytical and technical talent.
−Removed: We believe that we compete favorably with respect to these factors and that we are well positioned as a leading provider and innovator of purchase intelligence.
+Added: We believe that we compete favorably with respect to these factors and that we are well positioned as a leading provider and innovator in our industry.
The Bridg platform competes with other companies that operate enterprise customer data platforms.
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and other jurisdictions.
−Removed: As of December 31, 2023, we had sixteen issued patents relating to our software.
+Added: As of December 31, 2024, we had seventeen issued patents relating to our software.
We cannot assure you that our patents will give us the protection that we seek or that any such patents will not be challenged, invalidated, or circumvented.
Our patents may not provide sufficiently broad protection and may not be enforceable in actions against alleged infringements.
−Removed: We have registered, or are registering, the "Cardlytics," "Dosh", "Bridg" and "Rippl" names and logos in the U.S.
+Added: We have registered, or are registering, the "Cardlytics," "Bridg" and "Rippl" names and logos in the U.S.
and certain other countries.
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If we become more successful, we believe that competitors will be more likely to try to develop solutions and services that are similar to ours and that may infringe our proprietary rights.
−Removed: It may also be more likely that competitors or other third parties will claim that our platforms infringes their proprietary rights.
+Added: It may also be more likely that competitors or other third parties will claim that our platforms infringe their proprietary rights.
Patent and other intellectual property disputes are common in our industry and we have been involved in such disputes in the past in the ordinary course of our business.
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Champaign, IL and London, U.K., our employees are an essential part of all of our successes.
−Removed: Diversity, Equity, Inclusion, and Belonging ("DEIB") is integrated in everything we do.
−Removed: A significant part of our company’s goal of creating a culture that promotes DEIB is embedded in each aspect of the talent lifecycle:
−Removed: attraction, recruitment, onboarding, development and retention.
−Removed: We build external relationships to ensure our talent pipelines are filled with candidates of diverse backgrounds.
−Removed: At the foundation of our DEIB focus is our employee-led Special Interest Groups ("SIGs").
−Removed: These groups facilitate learning and development, holistic wellness, professional connections, philanthropy, and raising awareness internally and externally for meaningful causes.
−Removed: Each group is sponsored by senior leaders in the organization.
−Removed: Cardlytics Connect, our newest SIG, focuses on our Black and Hispanic employees across the globe.
As of December 31, 2024, our global workforce is made up of approximately 42% women and 45% people of color.
−Removed: A key component to our sustainability and success is talent development and learning.
−Removed: We are intentional in our efforts to provide all employees opportunities to grow, including manager development programming, which over 50 managers completed since the launch in 2022.
−Removed: Additionally, we have introduced initiatives to give all employees access to learning content providers.
−Removed: In 2023, our technical teams consumed over 75 hours of video content, read over 30,000 book pages, and participated in over 150 hours of live training.
−Removed: The addition of a second content library for all employees gives us access to over 100 business and soft skill courses, which we are using to build learning pathways to support career journeys.
−Removed: Our Educational Assistance program is helping several employees gain master’s degrees, professional certifications and professional development experiences.
−Removed: Our student loan reimbursement program helps employees pay down their loans.
−Removed: We have revamped our new hire experience to a three day program that includes a more in depth training on all parts of the business, and includes an overview of our new operating model, performance management process, and we introduce all new hires to individual development planning.
−Removed: Our use of equity compensation allows our employees to operate as owners and is a key component of our total rewards strategy to retain, motivate and attract the best talent.
+Added: Our use of equity compensation allows our employees to operate as owners and is an important component of our total rewards strategy to retain, motivate and attract the best talent.
We encourage our employees to think and act like shareholders, and they are invested in our success.
−Removed: Employee equity is the cornerstone in our compensation philosophy along with comprehensive medical benefits, a positive work/life ratio, flexible paid time off, health and wellness programs, and learning and development opportunities.
+Added: Additionally, we offer comprehensive medical benefits, a positive work/life ratio, flexible paid time off, health and wellness programs, and learning and development opportunities.
Each year, with the help of outside experts, we evaluate each aspect of compensation and benefits to ensure they are in alignment with the market and our peers.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.