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• Like **Google Ads** for your bank's transaction data.
• Imagine **Rakuten** (cashback) for bank-integrated, personalized offers.

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• Card-linked Marketing Platform: A proprietary platform that integrates with financial institutions' digital channels to deliver personalized cash-back offers to banking customers based on their spending behavior.
• Advertising Solutions for Merchants: Enables merchants and brands to acquire and retain customers by delivering targeted promotions and offers directly through participating banks' online and mobile platforms.

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Cardlytics (CDLX) primarily sells its services to other companies, operating a purchase intelligence platform that enables financial institutions to offer personalized rewards to their customers. Its primary customers are financial institutions that integrate the platform and the advertisers/marketers who leverage it to reach consumers.

Based on revenue concentration disclosed in their SEC filings, the major customer companies (financial institutions) are:

• Bank of America Corporation (Symbol: BAC)
• JPMorgan Chase & Co. (Symbol: JPM)

While Cardlytics also serves a wide array of advertisers and merchants who pay to run targeted campaigns, the aforementioned financial institutions represent the key partnerships through which Cardlytics generates a substantial portion of its revenue and reaches a large base of consumers.

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• Amazon Web Services (AWS) - Parent Company: Amazon.com, Inc. (AMZN)

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Amit Gupta, Chief Executive Officer

Amit Gupta has served as the Chief Executive Officer of Cardlytics since August 16, 2024, joining the company in January 2023 as the Chief Operating Officer and General Manager of Bridg. Prior to Cardlytics, he held leadership roles in global partnerships and banking products at Stripe from January 2021 to January 2023. Before Stripe, he worked at Google in its Geo division from 2018 to December 2021, responsible for product and engineering execution and strategy for Google Maps, Local Search, Food, Maps Enterprise Platform, and Google SMBs. Previously, Amit Gupta founded and served as the CEO of a series of startups from 2010 to 2017. He began his career in the tech practice at Booz Allen Hamilton, where he was made partner.

Alexis DeSieno, Chief Financial Officer

Alexis DeSieno has served as the Chief Financial Officer of Cardlytics since August 2023. Before joining Cardlytics, she was Senior Vice President at Clear Secure, Inc. from April 2020 to July 2023, where she played a key role in leading the company through its 2021 IPO and scaled the finance function. Prior to Clear Secure, Inc., she served as Vice President and Senior Director for SoulCycle Inc.'s Strategic Finance and Analytics department from 2017 to April 2020. She also held the role of Director of Financial Planning and Analysis for The Estée Lauder Companies Inc. from 2014 to 2017. Earlier in her career, DeSieno spent nearly a decade in investment banking and capital markets at Bank of America Merrill Lynch, Morgan Stanley, and Deutsche Bank, focusing on consumer and retail sectors and debt securitization.

Peter Chan, Chief Technology Officer

Peter Chan has served as the Chief Technology Officer of Cardlytics since June 2021. Prior to Cardlytics, he worked at Amazon as the Director of Product Management and Engineering for its advertising services group. He also served in various leadership roles throughout his 15-year tenure with Yahoo, working across priority projects like the Gemini Ad Network, Yahoo Ad Exchange, and the Yahoo Search Marketing platform.

Jose Singer, Chief Product Officer

Jose Singer has served as the Chief Product Officer of Cardlytics since May 2022. Prior to Cardlytics, he served as Nextdoor's Head of Product for business and agency solutions, where he oversaw the end-to-end product experience, unifying the ad platforms and overall strategy for small and enterprise advertisers. Before Nextdoor, Jose held various leadership positions at Yahoo, including Vice President of Product for their advertising solutions.

Carson Napps, Chief People Officer

Carson Napps has served as the Chief People Officer at Cardlytics since September 2024. Most recently, she served as Cardlytics' Head of People after six years in the People Operations teams in various roles leading Talent Management and Talent Acquisition. Before her time at Cardlytics, she worked in Human Resources at Home Depot and Southwire Company.

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1. Dependency on Key Financial Institution Partners and Partnership Uncertainty: Cardlytics is substantially reliant on a limited number of major financial institution (FI) partners, such as Chase and previously Bank of America. The non-renewal of agreements with key partners, or content restrictions imposed by them, directly impacts the company's revenue model and creates significant vulnerability. For instance, Q2 2025 results showed a 9% year-over-year revenue drop, with Q3 guidance projecting further declines, primarily attributed to content restrictions from its largest FI partner and the non-renewal of its agreement with Bank of America.
2. Declining Revenue and Persistent Unprofitability: Cardlytics has faced consistent revenue declines and ongoing profitability struggles, evidenced by widening net losses. The company's financial health is challenged by a shrinking revenue base and significant negative profit margins, which raises concerns about its long-term sustainability.
3. Significant Debt Burden: The company carries a substantial amount of debt, noted to be around $220 million. Servicing this debt requires considerable cash flow, which is a concern given Cardlytics' persistent unprofitability and declining revenue. This debt overhang poses a significant financial risk to the business.

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The growing ambition of major tech companies, particularly Apple, in the advertising and payments space. Apple, with its vast user base, payment processing capabilities (Apple Pay), and the Apple Card, possesses the infrastructure and customer data to potentially launch its own sophisticated, personalized card-linked offer program, directly competing with Cardlytics. This could attract advertisers and consumers within the Apple ecosystem, bypassing Cardlytics' bank partnerships and fragmenting the market for transaction-data-driven rewards.

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1. Expansion with New Financial Institution (FI) Partners: Cardlytics is actively onboarding new financial institution partners, which is leading to an increase in Monthly Qualified Users (MQUs). For instance, the company reported a 21% increase in MQUs in Q3 2025, primarily driven by these new FI partnerships. This expansion broadens Cardlytics' reach and the potential audience for its card-linked offers, directly contributing to future revenue growth as more users become available for advertiser campaigns.
2. Growth in the UK Market: The United Kingdom has consistently been a strong performing region for Cardlytics, demonstrating double-digit revenue growth. In Q3 2025, the UK market saw a 22% year-over-year increase in revenue, driven by higher billings and growth in new merchants. This sustained momentum in the UK is expected to continue contributing to overall revenue expansion.
3. Expansion of Cardlytics Rewards Platform (CRP) and New Partnerships: The company is focused on expanding its Cardlytics Rewards Platform (CRP) with new non-FI publishers. A notable example is the partnership with OpenTable, which is considered a significant opportunity to engage more consumers and access new advertiser verticals. While the material financial impact from these new CRP partnerships is not expected until 2026, they are crucial for diversifying supply and unlocking demand as the industry shifts towards loyalty programs and embedded rewards.
4. Development and Adoption of Category-Level Offers: Cardlytics is enhancing its offer strategy by developing and expanding category-level offers (e.g., for gas, grocery, and entertainment). These offers have proven effective in boosting consumer engagement and creating a "halo effect" where consumers redeeming a category-level offer are more likely to redeem other offers. By driving higher engagement and demonstrating incremental Return on Ad Spend (ROAS) for advertisers, this initiative is anticipated to encourage greater advertiser investment and, consequently, revenue growth.
5. Improved Advertiser Retention and New Business Acquisition: Despite challenges with content restrictions from a major FI partner, Cardlytics has emphasized its success in retaining advertisers and securing new business within and outside its traditional financial institution channels. The company has seen increased billings from new merchants. With Q4 2024 marking the highest number of total advertisers since 2022, the foundation has been laid for growth in 2025 through continued new advertiser acquisition and improved delivery for existing advertisers.

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Share Repurchases

• On May 10, 2022, Cardlytics announced that its Board of Directors approved the repurchase of up to an aggregate of $40.0 million of its Common Stock.

Share Issuance

• The number of shares outstanding for Cardlytics has increased over the last few years, with 52.75 million shares outstanding as of November 2025.
• The number of shares outstanding increased by 3.42% in 2025, 34.29% in 2024, and 13.65% in 2023.
• On October 30, 2025, 6,148 restricted stock units converted into an equal number of common shares.

Outbound Investments

• In March 2021, Cardlytics completed the acquisition of Dosh, a cash-back offers platform, for $275 million in cash and stock.
• In May 2021, Cardlytics acquired Bridg, a customer data platform, for approximately $350 million in cash at closing, with potential earnout payments of approximately $100 million to $300 million in cash and stock over two years.
• In March 2022, Cardlytics acquired Entertainment for $15 million in cash and stock.

Capital Expenditures

• In the last 12 months, Cardlytics' capital expenditures were -$1.07 million.
• For 2025, capital expenditures are expected to be reduced to a low $4 million range per quarter, equating to an estimated $16 million annually.