A five-year-old New York fintech is shaking up the fiercely competitive co-branded credit card market — and big banks are taking notice.
Imprint has clinched a high-profile partnership with e-commerce loyalty giant Rakuten to issue its next co-branded credit card, edging out heavyweight contenders like Synchrony, Barclays, and U.S. Bank. The announcement, set for later today, signals how nimble, tech-first players can outmaneuver traditional institutions in a space long dominated by billion-dollar incumbents.
The Rakuten deal isn’t the only news. Imprint has also raised an additional $70 million in funding, lifting its valuation by 50% to about $900 million in under a year. According to CEO Daragh Murphy, the new capital brings Imprint’s total funding to $330 million — most of which remains on its balance sheet — providing partners reassurance that the startup has both scale and staying power.
“We’re talking to Fortune 500 companies about being their partner — and them choosing us over Synchrony, Barclays, U.S. Bank,” Murphy told CNBC. “We have to walk and talk like a big company, even while keeping our startup DNA.”
Built differently to move faster
Unlike large banks that often outsource credit card technology to third-party providers, Imprint built its own end-to-end stack. It typically partners with smaller banks like First Electronic Bank and First Bank and Trust, while it manages the digital customer experience, credit decisions, fraud prevention, and compliance. For the Rakuten card, it will issue cards over the American Express network, giving customers access to Amex benefits such as purchase protections.
“Though we’re not a regulated bank, we’re effectively building one,” Murphy noted. “We’re a capital markets company, a risk and credit company, a technology company.”
Imprint’s tech-led model is what Murphy says gives it an edge. By owning its technology rather than relying on vendors like Fiserv, Imprint can launch new features faster and design a seamless digital experience tailored to each brand.
Lower fees, better rewards
Imprint’s pitch to consumers also focuses on transparency and affordability. Unlike traditional issuers, which can see a significant share of revenue from late fees, Imprint claims it minimizes punitive charges and makes it easier for cardholders to pay on time. That approach, Murphy argues, boosts card usage and loyalty — which benefits both Imprint and its partners.
The Rakuten card is structured to appeal directly to online shoppers: cardholders get an extra 4% cash back on Rakuten purchases (up to $7,000 annually), plus 10% back at Rakuten partner restaurants and 2% back on groceries and dining elsewhere.
“The easier we make it to pay, the more likely you are to use the card,” Murphy said. “And the more likely you are to use the card, the better it is for everybody.”
Big bets in a hot market
Imprint is already behind cards for brands like Eddie Bauer, Brooks Brothers, and Turkish Airlines. Beyond its equity capital, the fintech has secured about $1.5 billion in credit lines from major banks including Citigroup, Truist, and Mizuho to fund lending to its growing base of cardholders.
The Rakuten win comes at a time when the robotaxi and broader fintech sectors are seeing massive bets and renewed competition. The global co-branded card market itself remains highly lucrative, with customer loyalty and data-driven personalization becoming critical differentiators.
For Murphy and his team, the message is clear: being small and digital-first is no longer a weakness — it’s a strategic advantage. With fresh funding and a headline partnership under its belt, Imprint aims to prove that even in a market built by banks, agile tech players can redraw the lines.