At Button, our mobile commerce technology has forged deep long standing relationships with the world's largest fintech companies and some of the world's largest retailers. Taking feedback from these customers has led us to introduce another commerce enablement offering we're introducing today. With Personalized Card Linked Offers, the world's largest fintechs now have a new method to increase engagement and revenue on their mobile apps.
Button's Personalization API has provided fintech companies seeking to build a commerce and rewards strategy access to exclusive content available nowhere else. The Personalization API providing this exclusive content enables marketers to spend smartly by using their own first party data without costly intermediaries, and we've now expanded this Personalization service to support card linked offers.
The mobile commerce offering Button has historically provided to fintech companies was built with a last tap (click) affiliation model where Button supports connecting these "new economy publishers" - made up of neobanks, fintechs, and cash savings apps with the world's biggest retail brands.
Until the summer of 2021, we had never supported another form of transactional revenue or affiliation, but our deep integrations with retailers, our visibility into product and basket level purchase data, and our ability to offer 1st party fueled personalization with these long standing trusted relationships had our retailer partners asking us to extend our service to support their card linking strategies.
I am so excited to bring our wealth of knowledge in personalising offers for retailers to the card linking space.
We launched first Personalized Card Linked Offers with two of the world's biggest fintechs in support of our biggest retail partners, and these banking apps are now able to increase their top of wallet spend with their debit or credit cards - and in doing so drive additional rewards for their card holders habituating recurring user behaviour. Button's card linking solution reconciles the transactional and audience data as a trusted broker of 1st party audience data on behalf of both our fintech and retail partners.
With Button's launch of this solution to a very select group of retailers and new economy publishers in May 2021, less than 6 weeks later, we are already ramping up to show an annual rate of $250M in commerce driven by our users.
The fact the team has managed to ramp this product to a quarter of a billion dollars so quickly is hugely exciting, and as we know the card linking space is heating up, we're excited to be able to support our deep retail integrations in expanding into this fast growing channel.
Combining our mobile commerce offering that has driven billions of dollars in spending with our new card linking solution, Button's commerce platform is proving to be the best choice for the fintech community seeking to build a commerce strategy. The engagement, enhanced visibility into transactional data, and increased budgets provided by our mobile commerce offering, combined with the value of low friction card linked offers and in-store spending, enable the Button platform to be a full suite of solutions that has unmatched capabilities built for the commerce and rewards strategies of the future.
More to come soon.
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