Imprint reached unicorn status after closing a $150 million Series D funding round that valued the company at approximately $1.25 billion. The milestone mattered less because of the headline number and more because of the timing. The round came at a point when late-stage fintech funding was constrained and investor scrutiny had intensified. Imprint stood out by operating in a mature category and still convincing top-tier investors that meaningful growth remained.

Rebuilding the co-branded card model

Imprint was founded in 2020 with a clear premise: co-branded credit cards were structurally outdated. In the traditional setup, issuing banks controlled most aspects of the programme, while brands had limited influence over product design, rewards logic, or customer data.

Imprint approached the market as infrastructure rather than a brand issuing cards directly to consumers. Its platform enables consumer brands to design and operate card programmes that feel like extensions of their own loyalty ecosystems. Imprint handles underwriting, compliance, servicing, and the operational complexity that brands prefer not to own.

Why investors paid attention

The Series D round was led by Khosla Ventures, with participation from Thrive Capital, Ribbit Capital, Kleiner Perkins, Hedosophia, Spice Capital, and Timeless. These investors are selective about late-stage fintech exposure, particularly in payments and lending.

What made Imprint compelling was not novelty, but execution. The company demonstrated that co-branded cards, when paired with modern infrastructure and data-driven rewards, can still scale. Revenue visibility, repeat brand partnerships, and disciplined credit management helped support a valuation north of $1 billion.

Brand partnerships as distribution

Imprint’s growth model relies heavily on partnerships with established consumer brands. Publicly referenced partners include Rakuten, Booking.com, Crate & Barrel, and Fetch. Each partnership brings an existing customer base, reducing the need for expensive direct-to-consumer acquisition.

For brands, the cards act as loyalty accelerators. For Imprint, they create predictable issuance volume and transaction activity. This alignment allows the platform to grow without chasing mass-market consumers or competing head-on with neobanks.

Product expansion beyond credit

The Series D funding was also positioned as fuel for expansion. Imprint has outlined plans to broaden its product set beyond unsecured credit cards into debit products, secured cards, and flexible financing options. Loyalty tooling and advertising capabilities are another focus area, reinforcing the idea that cards are engagement products, not standalone payment utilities.

CEO Daragh Murphy has consistently framed the company’s direction around tighter integration between payments and the brands consumers already trust. That positioning aligns with broader embedded finance trends, while keeping Imprint focused on a clearly defined customer segment.

Key takeaways for fintech startups

Imprint’s journey highlights several lessons worth noting:

• Mature fintech categories can still produce large outcomes when infrastructure is rebuilt thoughtfully.
  
  
• Brand-led distribution can be more efficient than direct consumer acquisition in regulated products.
  
  
• Late-stage investors prioritise clarity of revenue, risk management, and repeatable partnerships.
  
  
• Product expansion works best when it deepens existing use cases rather than chasing adjacent hype.

If you are building or scaling a fintech and want help sharpening your strategy, investor narrative, or growth priorities, Your Fintech Story supports founders and leadership teams with clear, experience-led guidance.

Get in touch if you want to pressure-test your next phase before the market does it for you.