UK fintech incubator Quantum Group has acquired Tail, a mobile cashback app that provides reward services to challenger banks in the UK.
The financial details of the transaction have not been divulged.
Tail leverages open banking data to help banks offer cashback, rewards and loyalty programs to customers, without the need for loyalty cards or vouchers. It enables direct transfers of cashbacks to customers’ bank accounts after purchase. The company provides a fully-managed platform to participating retailers allowing them to create hyperlocal marketing campaigns.
Founded in 2016, Tail rolled out its first API integration on challenger bank Starling in 2017, followed by Monzo and Volopa.
In 2019, the Mayfair-based fintech incubator acquired a 30% stake in Tail.
Quantum Group now plans to integrate the Tail platform with more banking partners and onboard more retailers in the UK. Quantum Group MD Dave Pearson said: “The Tail platform is designed to ensure the customer and retailers alike enjoy a seamless experience that changes the way they interact with their cards.” Quantum Group Chairman Floyd Woodrow said: “Tail’s world-class service offers true value to cardholders around the UK, as well as our banking partners and retailers, and we are excited about the platform’s future expansion.”
Quantum Group’s portfolio of companies also includes card company Volopa and security specialists Valkyrie.
