On July 1, 2022, JPMorgan Chase & Co. (JPM) acquired majority owned Augeo subsidiary Figg, an industry leading card-linking platform. Card-linking enables consumers to receive savings at participating merchants after enrolling their credit or debit cards. The Figg platform provides advertisers greater attribution of ad spend and demonstrates measurable return on promotional efforts. Publishers can leverage this form of advertiser-funded content as both an acquisition and retention tool for their customer base, driving incremental cash-back to a consumers' enrolled cards through offers.
"Augeo's formation of Figg has created lasting impact for the digital commerce industry—validated by millions of consumers seeking simplicity and compelling experiences," said Augeo Founder and CEO David Kristal. "Recognizing the need for publishers to infuse the experience with ease, convenience and real value for their ecosystem of users—we unleashed the potential of card-linked offers."
As a global leader in loyalty and engagement platform technology, Augeo's entrepreneurial curiosity and commitment to building a next-generation digital offer experience platform propelled the creation of Figg. The journey to becoming an innovation leader in the card-linking industry began over a decade ago. Augeo developed the technological infrastructure capable of supporting the ambitious vision of Figg both organically as well as through a series of key acquisitions—including RewardsNOW, edō Interactive and Empyr.
"Since our beginning, we have grown our business through a lens of innovation to create transformational user experiences," Kristal added. "Augeo will continue to be a strategic partner of Figg and JPM, and we are excited to support the continued growth of card-linked technologies."
Cowen served as exclusive financial advisor, and Winthrop & Weinstine served as legal counsel to Figg in connection with the transaction.
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