Drop (loyalty program)

Drop Technologies Inc
Type of business Private
Founded August 25, 2015 (2015-08-25)
Headquarters Toronto, Ontario
Created by Derrick Fung, Darren Fung, Cameron Dearsley, Akhil Gupta
Industry Loyalty program
Website earnwithdrop.com
Native client(s) on iOS and Android

Drop is a coalition customer loyalty program, in which users earn points using their linked debit or credit cards.[1] Users choose five rewards partners such as Starbucks, Sephora, Whole Foods Market and Uber to earn points with.[2] Drop is a Toronto-based company which was founded by Derrick Fung, Darren Fung, Cameron Dearsley, and Akhil Gupta in August 2015.[3] The program started in the Canadian market during August 2015 and expanded into the American market during October 2017, after a six-month private beta.[4] The Drop Rewards program requires that users download a companion app on an iOS or Android device. According to Drop, the service was designed as a way for brands to earn exposure with millennials.[5]

As of November 2017, the company had 500 thousand users.[6] This number has since risen to 1 million users as of January 2018.[7]

Funding

In August 2015, Drop raised a CA$1 million round of initial financing for launching the app.[8]

In October 2017, Drop raised a $5.5 million seed round of venture capital financing led by Sierra Ventures.[9]

In February 2018, the company announced that they had raised a US$21 million series A round, led by New Enterprise Associates.[10]

References

  1. ↑ Fischer, Alyssa (10 September 2017). "8 Personal Finance Apps You Need in Your Life". Popsugar. Retrieved 26 December 2017.
  2. ↑ Chang, Lulu (11 October 2017). "Earn rewards as you spend money with the new Drop app". Digital Trends. Retrieved 25 December 2017.
  3. ↑ "Drop Loyalty profile". Crunchbase. Retrieved 26 December 2017.
  4. ↑ Hartmans, Avery (4 December 2016). "This Canadian rewards app has 70,000 millennials using it — now, it's coming to the US". Business Insider. Retrieved 26 December 2017.
  5. ↑ "The loyalty reward app getting attention from Millennials". Fox Business. 23 December 2016. Retrieved 25 December 2017.
  6. ↑ "Many Merchants, One Mobile Rewards Program". Pymnts. 6 November 2017. Retrieved 26 December 2017.
  7. ↑ "NEA leads $21m round for Drop, a rewards app for millennials". TechCrunch. 30 January 2018. Retrieved 13 February 2018.
  8. ↑ Zubairi, Amira (16 April 2017). "Drop Pitches Millennial-Focused Rewards App on #thedistrupters". BetaKit. Retrieved 26 December 2017.
  9. ↑ Cornick, Kate (11 October 2017). "Drop Rewards App Earns $5.5 Million, Expands to U.S. Market". Techvibes. Retrieved 26 December 2017.
  10. ↑ Kolodny, Lora (30 January 2018). "Drop, a rewards app start-up, snags Airbnb's former head of engineering". CNBC. Retrieved 6 February 2018.
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