What Coverd does

Coverd is a New York-based fintech company that operates a gamified personal finance platform centered on the Coverd Card, a Visa-branded credit card offering up to 100% instant cash back on everyday purchases through a transparent earn-back mechanism. The card is collateralized by cryptocurrency held in user-linked wallets on supported blockchains (Ethereum, Polygon, Optimism, Arbitrum), with smart contracts managing collateral valuation and automated liquidation events; credit limits are determined by the market value of deposited crypto rather than traditional credit underwriting. Card issuance is handled in partnership with Rain (a stablecoin payments platform) and Third National (as issuing bank), giving the product acceptance at 150+ million Visa merchants worldwide. The platform extends beyond the card to include a mobile app (with a 4.5/1.6k-rating app store presence and 3,000 daily downloads), a variable-rate points program (Coverd Points, base 0.5% up to 100x boosted rates, redeemable for Coverd Cash or statement credits), and a sweepstakes feature where users can earn Coverd Cash through gameplay or purchase virtual Practice Coins.

The company's primary customer segment is Gen Z consumers (born 1997-2012), reached through a "Finetainment" positioning that leverages social media channels like TikTok and YouTube — where 76% of this demographic turns for financial education and 74% participate in social media-driven financial challenges. A secondary segment targets US consumers seeking crypto-collateralized credit as an alternative to traditional cards. Revenue is generated primarily through interchange fees on every card transaction, supplemented by Practice Coin purchases and potential handling/processing fees on sweepstakes prize redemptions. The card carries no annual fee, with a 0% APR on purchases and a 2% late-payment fee; the rewards program is freemium with a $50 minimum redemption threshold and a $5,000 cap per entry period in Florida and New York.

Coverd has raised $7.8 million in seed funding across two tranches: $1.6 million in December 2024 led by A16Z GAMES Speedrun with Cooley participation, and a $6.2 million extension in June 2025 led by Yolo Investments with additional participation from Arbitrum Gaming Ventures, Gaingels, Volt Capital, and WndrCo. The flagship Coverd Card product launched in June 2026 with a 50,000-person pre-launch waitlist and has since processed over $25 million in cumulative purchase volume, including $12 million in May 2026 alone — signals that, while not directly disclosed as revenue, indicate a rapidly scaling transaction base. Operations are US-only, with sweepstakes unavailable in Idaho, Louisiana, Michigan, Montana, and Nevada.

Name

Coverd

Legal name

Coverd, Inc.

Website

https://coverd.us

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Coverd is a New York-based fintech that offers a blockchain-collateralized Visa credit card with up to 100% instant cash back on everyday purchases, targeting Gen Z consumers through a gamified "Finetainment" mobile platform with crypto-backed credit limits.

Ownership category

akta.pro rank

Product category

Consumer Credit Cards

NAICS

Credit Card Issuing (522210), Credit Card Issuing (52221), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ)

akta.pro secondary industries

Open-Loop Prepaid Cards (Network-Branded) (FSAMANAA), Payments, Remittances & Merchant Acceptance (checkout, invoicing, payroll) (FSAPAEAE), Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)

Keywords

• Consumer credit cards
• Cash back rewards
• Blockchain credit
• Gamified finance
• Mobile banking

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Marketing or Sales, Personnel, Operations, Others

Revenue model

1. Interchange Fees: Coverd generates revenue through interchange fees on every purchase made with the Coverd Card. As a Visa-issuing credit card, Coverd earns a percentage of each transaction processed through the Visa network.
2. Practice Coins Purchases: Coverd offers virtual 'Practice Coins' for use in games on the platform, which users can purchase. The company also offers 'Coverd Cash' as bonuses with specially marked Practice Coin packs. These purchases are final with no refunds.
3. Prize Redemption Fees: Coverd may charge handling and/or payment processing fees for processing prize redemptions. The company also reserves the right to refund purchases in lieu of processing a prize redemption.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Coverd issues the Coverd Card, a Visa-accepted credit card offering up to 100% instant cash back on everyday purchases through a transparent earn-back mechanism. The card is blockchain-collateralized using supported networks (Ethereum, Polygon, Optimism, Arbitrum) and is paired with the Coverd mobile app, which provides spending tracking, customizable limits, a points-based rewards system, and a gamified sweepstakes experience.

Product overview

Coverd is a New York-based fintech company offering a gamified personal finance platform centered around its Coverd Card — a credit card that provides up to 100% instant cash back on everyday purchases. The platform consists of the Coverd Card (core product), the Coverd mobile App (for account management, spending tracking, and rewards access), the Coverd Cash Back Rewards Program (earning mechanism with variable point rates), and the Coverd Sweepstakes (gamified prize redemption feature). The ecosystem is tied together through Coverd Points, a virtual currency that users earn on purchases and can redeem for cash or statement credits. The company leverages blockchain technology for collateral backing of the card and partners with Rain for stablecoin payments infrastructure.

Differentiator

Problem solved

Functional benefit

Products and services

• Coverd Card A Visa-accepted credit card offering up to 100% instant cash back on everyday purchases through a transparent earn-back mechanism, with no annual fee and 0% APR on purchases. Credit is blockchain-collateralized. Issued in partnership with Rain and accepted at over 150 million merchants worldwide.
• Coverd App A mobile application (iOS and Android) enabling users to track spending, set customizable spending limits, earn Coverd Points (up to 100x points), access the Coverd Cash rewards system, and play sweepstakes. The app has a 4.5 rating with 1.6k ratings.
• Coverd Sweepstakes A gamified sweepstakes feature where users can earn Coverd Cash by playing sweepstakes games for a chance to win cash prizes. Coverd Cash can be earned through free bonuses with Practice Coin purchases, social media giveaways, or mail-in requests. Minimum redemption is $50; maximum redemption is $5,000 per Sweepstakes Entry Period in Florida and New York.
• Practice Coins Virtual currency purchased by users for play in games on the Coverd platform. Specially marked Practice Coin packs include bonus Coverd Cash. Purchases are final with no refunds.

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability2 records

Feature4 records

Partnerships

Three partnerships are on record, tiered core and supporting.

• RaincoreTechnology or Integration · 18 June 2026Rain is the stablecoin payments platform that issues the Coverd Card. Coverd announced its launch in partnership with Rain, with the Coverd Card offering up to 100% instant cash back on everyday purchases. Rain handles the card issuance and provides the stablecoin payments infrastructure.
• VisacoreTechnology or IntegrationThe Coverd Card is accepted wherever Visa is accepted, providing access to over 150 million merchants worldwide. This partnership enables the global acceptance network for the credit card product.
• Method FinancialsupportingTechnology or IntegrationMethod Financial is a third-party service provider used by Coverd to validate user identity and prevent fraud. Coverd uses Method to obtain consumer reports and account data for identity verification purposes.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Gemini: Gemini offers a credit card that earns crypto rewards on everyday spending — the closest direct analog to Coverd's crypto-native, consumer credit-card product targeting US consumers.
• Step: Step is a mobile-first banking and credit card platform explicitly built for teens and Gen Z — competing head-to-head with Coverd for the same Gen Z cardholder relationship and rewards-driven engagement model.
• Current: Current is a mobile banking platform that has moved into crypto-backed debit and consumer credit products — overlapping with Coverd on Gen Z targeting, mobile-first UX, and crypto-collateralized credit rails.
• Greenlight: Greenlight offers a debit/credit card and money management app for kids and teens with parental controls — directly competing for the Gen Z (and Gen Alpha) primary-card relationship with a gamified, education-forward UX.

Emerging players

• Prizeout: Prizeout is a digital gift card and cashback rewards platform that gamifies redemption — sharing Coverd's rewards/sweepstakes DNA and competing for the same attention economy in consumer cash-back and prize engagement.

Broad incumbents

• Apple Card: Apple Card is the dominant mobile-native, no-fee consumer credit card with daily cash back and deep iOS integration — the incumbent benchmark Coverd is competing against for everyday-spend card share among younger consumers.
• Block (Cash App): Block's Cash App is a mobile-first consumer finance super-app with the Cash Card, Bitcoin rewards, and gamified in-app experiences — a much larger incumbent competing for Gen Z's everyday spending and gamified financial engagement.
• SoFi: SoFi is a broad digital consumer finance platform offering credit cards, deposits, lending, and investing — competing for the same mobile-first Gen Z consumer credit and rewards relationship, but as a full-stack incumbent rather than a niche entrant.
• Robinhood: Robinhood Gold's credit card and stock-back rewards target the same Gen Z investor demographic with gamified, mobile-first financial products — a broad incumbent with materially more capital and brand recognition.
• Coinbase: Coinbase's debit/credit card products put crypto rewards on everyday spending at scale via Visa — a broad incumbent in crypto-card distribution that competes for the same crypto-curious Gen Z user Coverd targets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/coverd-us

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds2 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Coverd