Smart Wallet 'Kudos' Closes $7M Seed Funding Round

LOS ANGELES, Oct. 20, 2022 /PRNewswire/ -- Kudos Technologies, Inc. ("Kudos" or "the Company"), the smart wallet that maximizes consumer rewards and benefits while shopping online, today announced it has closed a $7 million seed funding round and launched its mobile and desktop extension to the public. The seed round, led by Patron, includes investments from QED Investors, SciFi VC, SV Angel, Precursor Ventures, Newtype Ventures, Chingona Ventures, and over forty angel investors.

This round of financing will enable Kudos to further develop its first product, a smart wallet that helps users simplify checkout and maximize their credit card rewards whenever they shop online. Additionally, the company will allocate funds toward future initiatives, including the launch of additional cashback boosts across 12,000 merchant partners, user growth, and a number of other features yet to be announced.

Tikue Anazodo, Co-founder and CEO of Kudos, commented on today's news, "Our goal at Kudos is to simplify online checkout and maximize rewards and benefits to the consumer. The support of our investors allows us to further realize this goal and continually improve the customer experience. We identified an opportunity to build a new wallet product with a more consumer-focused lens and are excited to provide greater utility and benefits to our users."

Since its beta launch a few months ago, Kudos has seen strong organic growth with downloads increasing an average of 36% month over month and $4.5 million in annualized checkout GMV. Kudos also now supports checkout at over one million websites. The Kudos smart wallet helps users maximize their credit card rewards and hidden benefits like purchase protection and travel insurance when shopping online. Kudos speeds up checkout by autofilling card details, including CVV, on every site users shop at.

"We're thrilled to back Kudos' expansion and its mission to maximize the online shopping experience," said Jason Yeh, Co-founder and General Partner at Patron. "Kudos has the team and the experience to execute at the highest level and will undoubtedly revolutionize online shopping by creating delightful experiences for their users."

Kudos' smart wallet is currently available for download on the Kudos website.

Kudos is a smart wallet that works everywhere users shop online and helps them save time and earn money whenever they shop. The company was founded in 2021 by a team from companies like Google, Affirm and PayPal.

For more information visit https://www.joinkudos.com/

Media Contact:
Dillon Arace
M Group Communications (On behalf of Kudos)
darace@mgroupsc.com

SOURCE Kudos