Imprint, a New York-based fintech startup that builds the technology behind co-branded credit cards, has raised $130 million in new funding, pushing its valuation to $1.9 billion. The round was led by Khosla Ventures, with participation from existing backers Hedosophia, Ribbit Capital, Spice, and Thrive Capital, as well as new investor Positive Sum.
The company, founded in 2020 and led by CEO Daragh Murphy, provides the infrastructure that retailers and consumer brands use to launch and manage their own branded credit card programs. Traditionally, such programs have been dominated by large banks and card issuers, but Imprint aims to offer a more flexible, tech-driven alternative.
This funding round marks a significant step up from Imprint's previous valuation of $1.2 billion, which was set when it raised $150 million in December 2025. The new capital will be used to expand the company's payment options and develop artificial intelligence tools for merchants, according to the company.
Why co-branded cards are gaining traction
Co-branded credit cards have long been a staple of the airline and hotel industries, where loyalty programs are a key part of customer retention. But retailers in other sectors are increasingly seeing them as a way to build direct relationships with customers, especially as shopping habits evolve.
The rise of AI-powered shopping assistants is a major factor. Morgan Stanley, the investment bank, estimates that AI agents could drive 10% to 20% of US e-commerce spending by 2030. That shift could fundamentally change how consumers discover products, moving away from traditional brand marketing and toward recommendations made by AI systems.
For retailers, that prospect is both an opportunity and a threat. If AI agents become the primary gatekeepers of online purchases, brands risk becoming interchangeable suppliers inside someone else's interface. Co-branded cards offer a way to maintain a direct connection with customers, because the payment data flows through the program, giving merchants visibility into spending patterns and the ability to offer rewards or credit terms that encourage repeat business.
What it means for investors
For investors, Imprint's rising valuation reflects a broader bet on the infrastructure that powers loyalty and customer economics in an increasingly AI-mediated shopping world. The company isn't just selling another way to pay; it's selling the plumbing that lets brands own their customer relationships.
That includes underwriting, compliance, servicing, and the data-and-rewards layer that makes co-branded programs work. As more retailers look for alternatives to traditional bank-run programs, companies like Imprint could become more strategically valuable.
However, the space is competitive. Large banks and established card networks have deep pockets and long-standing relationships with merchants. Imprint will need to demonstrate that its technology can deliver measurable results, such as higher customer engagement or lower costs, to win and retain clients.
For everyday investors, the news is a reminder that the payments industry is evolving rapidly. The growth of AI in e-commerce could reshape not only how we shop but also how companies monetize customer loyalty. While Imprint is still a private company, its success could signal broader trends in fintech and retail that might eventually affect public markets.
Investors should also note that venture capital funding in fintech has been uneven, with some sectors seeing pullbacks. Imprint's ability to raise at a higher valuation suggests that investors see particular promise in the intersection of payments and AI.
As always, it's important to remember that private company valuations are not the same as public stock prices. They are based on the latest funding round and can be volatile. But the underlying trend—retailers wanting more control over customer relationships—is likely to persist, regardless of how Imprint's specific story unfolds.
