Cardlytics, the pioneer in using anonymized bank and transaction data for ad targeting, generated $113m in revenue in 2016 and $91m through the first nine months of 2017. The S-1 filing revealed that a single customer, Bank of America, represented approximately half of the company's MAUs - a metric that is sure to receive scrutiny from public equity investors.
Atlanta-based software firm Cardlytics has filed for a $75 million Initial Public Offering. Cardlytics’ software helps retailers, restaurants and service providers deliver ads to specific consumers, via banking websites. Atlanta’s tech industry is seeing an uptick in IPOs. Secureworks Corp. (Nasdaq: SCWX) and First Data Corp. (NYSE: FDC) have gone public in recent years. Cardlytics, launched by Scott Grimes and Lynne Laube, has raised more than $200 million in venture funding. Investors include ITC Holding Co. LLC, Kinetic Ventures, Canaan Partners, Polaris Venture Partners and TTV Capital. Unlike Secureworks (a spinoff IPO from Dell), and First Data (which wasn't founder led), Cardlytics was launched in the Great Recession and is founder led. The Cardlytics IPO "shows a large, meaningful tech company can be built from scratch with organic growth," noted David Cummings, an Atlanta-based entrepreneur and investor.
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