Larky deepens partnership with Sharetec
Core processing solutions provider Sharetec is expanding its relationship with mobile engagement and loyalty programme firm Larky, writes David Penn at Finovate (FinTech Futures‘ sister company).
Sharetec plans to use Larky’s technology with credit unions that use Sharetec’s core system to increase engagement through membership perks, and boost revenues with cross-selling strategies.
“With our location-based platform, members receive mobile notifications when they are near a specific location where there is a special offer or the credit union wants to promote a specific product or service,” Larky CEO Gregg Hammerman says. “This encourages local purchasing at the most convenient time for the member while increasing cross-selling opportunities for the credit union (CU).”
Larky’s relationship builds on the collaboration the two companies announced last April. The company’s merchant-funded loyalty platform gives CU members instant savings and discounts at local retailers while simultaneously extending the CU’s brand.
Larky provides a CU-branded iOS and Android mobile app and sends smartphone alerts to users when they are physically close to a merchant where a qualifying reward is available. Customers save as much as $1,000 in qualifying discounts, and institutions can earn additional interchange revenue from more frequent use of their credit or debit cards.
Headquartered in Ann Arbor, Michigan, Larky’s platform has been deployed most recently with First Alliance CU in Rochester, Minnesota, and with United Teletech Financial FCU in Tinton Fall, New Jersey.
With $2.4 million in funding, Larky includes North Coast Technology Investors, Michigan Angel Fund, Ann Arbor SPARK, and the First Step Fund among its investors. The company was founded in 2012.
