Cartera Commerce

What Cartera Commerce does

Cartera Commerce, Inc. is a Lexington, Massachusetts-based B2B2C loyalty commerce platform founded in 2005 and operating as a division of Rakuten Group since its 2017 acquisition. The company delivers merchant-funded Shop & Earn programs that enable banks, airlines, and retailers to reward members with miles, points, or cash back on everyday purchases. Its core platform combines proprietary card-linked offer technology (PCI Level 1 and SOC 2 Type II compliant, with direct integrations to Mastercard, Visa, and American Express) with affiliate network aggregation, covering 1,500+ online retailers, 100,000+ in-store locations, and 42,000+ dining venues, and reaching a network audience of 225 million members across partner programs.

The product portfolio is modular: a core Rewards Platform plus white-label Shopping Sites, browser extensions (Chrome, Edge, Safari), a REST API suite (Program Stores, Card-Linked Offers, Content, POS Offers, Curated Content, Member Activity), Offer Solutions for targeted and personalized campaigns, Member Communications (email/SMS/push), and Expert Services covering program design and operations. Customers include Delta SkyMiles, Alaska Mileage Plan, Southwest Rapid Rewards, United MileagePlus, American AAdvantage, USAA MemberShop, Barclays RewardsBoost, Atmos Rewards, and Ulta's Ultamate Rewards — effectively all major U.S. airline loyalty programs plus selected bank and retail loyalty operators.

Cartera's revenue is 100% merchant-funded, generated via affiliate commissions and transaction fees on the $1.25B+ in annual GMV it facilitates, supplemented by enterprise services revenue. Pricing is negotiated rather than publicly disclosed; the company employs an enterprise field sales motion backed by dedicated account managers and an API-first integration model. Headcount is reported in the 101–250 range, with offices in Lexington, MA.

Name

Cartera Commerce

Legal name

Cartera Commerce, Inc.

Website

https://cartera.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

101–250 employees

Short description

Cartera Commerce is a Rakuten-owned B2B2C Shop & Earn loyalty platform that powers merchant-funded rewards programs for major U.S. airlines, banks, and retailers, reaching 225M+ members across 1,500+ online and 100K+ in-store merchant locations.

Ownership category

akta.pro rank

Product category

Loyalty Rewards Platform

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

Loyalty Commerce & Affiliate/Offer Platforms (Shopping Portals, Cashback, Offers) (THALAKAJ)

akta.pro secondary industries

Price Comparison, Deals, Cashback & Loyalty Shopping Platforms (BPAMAGAH), Rewards Marketplace & Redemption Platforms (Merchandise, Gift Cards, Experiences) (THALAKAC)

Keywords

• Loyalty rewards platform
• Card-linked offers
• Shop and earn
• Merchant-funded rewards
• Affiliate network technology

Headquarters

HQ city

Lexington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Merchant-Funded Rewards Processing: Cartera's offers are 100% merchant-funded. The company generates revenue by facilitating transactions between merchants and loyalty program operators. Merchants pay to have their offers distributed through Cartera's network of partner loyalty programs, with Cartera handling tracking, reporting, and invoicing.
2. Affiliate Network Revenue: Cartera combines multiple affiliate networks into a single API to provide access to America's largest inventory of Shop & Earn offers. Revenue is generated through affiliate commissions on tracked transactions.
3. Expert Services: End-to-end service offerings including user experience integration consultations, acquisition and growth strategies, promotion development and design, member services, and strategic account management for enterprise clients.
4. Enterprise Rewards Platform: Enterprise rewards processing, monitoring and controls, risk mitigation, compliance (PCI & SOC 2), financial reconciliations, and flexible payout and redemption schedules.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Cartera Commerce operates a multi-channel Shop & Earn loyalty rewards platform combining proprietary card-linked offer technology with affiliate network technology. It distributes 1,500+ online offers, 100,000+ in-store locations, and 42,000+ dining offers to the members of enterprise partners (airlines, banks, retailers), enabling those partners to reward their members with miles, points, or cash back on everyday purchases. The platform is sold B2B to loyalty program operators as a turnkey rewards engine, with all offers funded by merchants rather than the partner.

Product overview

Cartera Commerce operates as a Shop & Earn loyalty rewards platform built on a modular architecture. The core product is the Shop & Earn Rewards Platform, which combines affiliate network technology with proprietary card-linked offer technology to power multi-channel rewards programs across 1,500+ online retailers, 100K+ in-store locations, and 42K+ dining venues. The platform is complemented by six distinct modules: Browser Extensions for member engagement with real-time reminders and automatic coupons; Shopping Sites for branded, mobile-optimized reward portals; Suite of APIs for partner integration; Offer Solutions for targeted, boosted, and personalized offers; Member Communications for email, SMS, and push notification campaigns; and Expert Services for program strategy, design, and management. All components share a common rewards infrastructure supporting miles, points, and cash back currencies, with PCI Level 1 and SOC 2 compliance.

Differentiator

Problem solved

Functional benefit

Products and services

• Shop & Earn Rewards Platform Core platform powering Cartera's multi-channel Shop & Earn loyalty rewards program for enterprise partners. Delivers online, in-store, and dining offers across 1,500+ online retailers, 100,000+ in-store locations, and 42,000+ dining locations, with all rewards 100% merchant-funded and configurable in any currency (miles, points, cash back). Processes $1.25B+ in annual sales and 3B+ rewards annually, PCI Level 1 and SOC 2 compliant.
• Browser Extensions White-label browser extensions that remind members to activate rewards while shopping online, automatically apply coupons at checkout, compare prices, and surface rewards-rate overlays in search engine results. Available on Chrome, Edge, and Safari desktop and mobile iOS. Custom branded to partner identity with chosen rewards currency.
• Shopping Sites Fully-hosted, mobile-optimized shopping websites customized with partner branding, currency, and business logic. Consolidates 1,500+ online, in-store, and dining offers into a single navigable experience with personalized dynamic content, real-time merchant offers, member-lifecycle tracking, and flexible reward currencies with customizable payout and redemption schedules.
• Suite of APIs REST API suite enabling partners to integrate Shop & Earn capabilities into their own websites, apps, and marketing channels. APIs cover Program Supported Stores, Card-Linked Offers, Related/Recommended Stores, Online Point-of-Sale Offers, Curated Content, and Member Activity Data, with PCI Level 1 compliant card-linked transaction processing through Mastercard, Visa, and American Express.
• Offer Solutions Advanced offer capabilities including Target (targeted offers for new-to-file acquisition, lapsed shopper re-engagement, and loyal member rewards), Boost (time-framed increased rewards campaigns across single or multiple merchants), and Personalize (relevancy enhancement based on member engagement level, preferences, site activity, and location data).
• Member Communications Multi-channel member messaging platform delivering personalized, real-time communications via Email (custom-coded brand emails), SMS (instant offer activations and promotion alerts), and Push Notifications (location-based alerts for nearby offers and card link reminders). Includes data analytics, predictive segmentation, performance measurement, and CAN-SPAM compliance.
• Expert Services End-to-end professional services for Shop & Earn program management, including Acquisition and Growth Marketing, Promotion Development and Design (sweepstakes, seasonal campaigns, targeted offers), Strategic Account Management (dedicated loyalty program experts for finance, fintech, and travel industries), User Experience Consultation, and Member Services (two-tier customer support).

Quantifiable outcome

• Members who engage with shopping offers exhibit 2.5x higher login rates to loyalty portals and are 3x more likely to redeem rewards within 12 months
• +9 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature5 records

Partnerships

13 partnerships are on record, tiered flagship, core and minor.

• Rakuten RewardsflagshipStrategic or Co-development Partner · 1 January 2017In 2017, Cartera was acquired by Rakuten Rewards, which strengthened market share and enhanced capability for creating industry-best products and services. Cartera operates as a division of Rakuten and benefits from the Rakuten family's resources, data capabilities, and brand recognition. Rakuten.com is listed as a related brand.
• Delta AirlinescoreChannel Partner/ Reseller/ DistributorDelta Airlines partners with Cartera to power their SkyMiles Shopping program, one of the flagship airline shopping portals. Members earn Delta SkyMiles when shopping at partner retailers online and in-store through the platform.
• Alaska AirlinescoreChannel Partner/ Reseller/ DistributorAlaska Airlines partners with Cartera for their Mileage Plan Shopping program, enabling members to earn miles on everyday purchases through the Cartera-powered shopping portal.
• Southwest AirlinescoreChannel Partner/ Reseller/ DistributorSouthwest Airlines operates Rapid Rewards Shopping in partnership with Cartera, allowing Rapid Rewards members to earn points on retail purchases.
• United AirlinescoreChannel Partner/ Reseller/ DistributorUnited Airlines partners with Cartera for MileagePlus Shopping, enabling MileagePlus members to earn miles on shopping purchases through the Cartera platform.
• American AirlinescoreChannel Partner/ Reseller/ DistributorAmerican Airlines operates AAdvantage eShopping powered by Cartera, where AAdvantage members earn miles on purchases at partner retailers.
• USAAcoreChannel Partner/ Reseller/ DistributorUSAA partners with Cartera for their MemberShop program, offering cash back rewards on purchases for USAA members.
• BarclayscoreChannel Partner/ Reseller/ DistributorBarclays offers RewardsBoost shopping program powered by Cartera, enabling Barclays cardholders to earn rewards on retail purchases.
• MastercardcoreTechnology or IntegrationMastercard is a key payment network partner for Cartera's card-linked offer technology. Cartera provides coverage for Mastercard through a single integration, enabling members to link offers to Mastercard credit cards for in-store rewards.
• VisacoreTechnology or IntegrationVisa is a key payment network partner for Cartera's card-linked offer technology. Cartera provides coverage for Visa through a single integration, enabling members to link offers to Visa credit cards for in-store rewards.
• American ExpresscoreTechnology or IntegrationAmerican Express is a key payment network partner for Cartera's card-linked offer technology. Cartera provides coverage for Amex through a single integration, enabling members to link offers to American Express cards for in-store rewards.
• Atmos Rewards ShoppingminorChannel Partner/ Reseller/ DistributorAtmos Rewards Shopping is a partner program powered by Cartera, allowing members to earn rewards on purchases.
• Givebacks RewardsminorChannel Partner/ Reseller/ DistributorGivebacks Rewards is a browser extension partner, with their rewards extension available through the Chrome Web Store.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Honey (PayPal): Honey (acquired by PayPal for ~$4B) is a leading browser extension and online shopping rewards platform that aggregates coupon codes and cash-back offers. It competes with Cartera in the online Shop & Earn space, particularly for browser-based, click-tracking rewards.
• Capital One Shopping (Wikibuy): Capital One Shopping is a comparison-shopping and rewards platform acquired by Capital One, offering browser extensions, price comparison, and rewards similar to Cartera's online Shop & Earn functionality. It serves bank-issuer clients in the same way Cartera's Shopping Sites module does.
• Cardlytics: Cardlytics is the most direct competitor to Cartera, operating a card-linked offer platform that partners with major US banks to deliver purchase-linked rewards. Its business model, customer base (banks rather than airlines), and card-linked tracking technology closely overlap with Cartera's Shop & Earn platform.

Emerging players

• Yotpo Loyalty: Yotpo Loyalty is a SaaS-based loyalty/rewards platform for retail merchants and Shopify-based brands. While not a direct competitor to Cartera, it serves overlapping merchant customers seeking to launch shopper-rewards programs, partially competitive at the merchant-side use case.
• LoyaltyLion: LoyaltyLion is a Shopify-native loyalty/rewards platform that enables e-commerce merchants to launch points, referrals, and VIP programs. It overlaps with Cartera at the merchant-side rewards use case but lacks the card-linked and offer-aggregation infrastructure.
• Bankrate / Red Ventures: Bankrate (now part of Red Ventures) operates comparison-shopping and cash-back tools targeting consumer credit card decisions. It overlaps with Cartera's offer-discovery side but lacks the deep loyalty-program and merchant-funded offer infrastructure.

Others

• SoFi: SoFi is a digital bank offering shopping rewards through its SoFi Insights product and has built ad hoc integrations with merchant offer networks. It is more of an adjacent financial-services customer of card-linked offer providers than a direct competitor to Cartera.
• Rakuten Rewards US: Rakuten Rewards is the consumer-facing cash-back shopping portal operated by Cartera's parent company, Rakuten Group. While Cartera powers B2B2C loyalty-shopping portals, Rakuten Rewards operates the direct-to-consumer cash-back platform. They are affiliated through shared parent ownership and overlapping merchant networks.

Broad incumbents

• Visa Offers / Mastercard Priceless Specials: Visa and Mastercard both operate their own card-linked offer programs (Visa Offers, Priceless Specials) that connect merchants directly to cardholders. These network-led programs compete with Cartera's card-linked offer technology by offering card issuers native, direct-from-network alternatives.
• American Express Membership Rewards / Amex Offers: American Express operates a large in-house card-linked offer program (Amex Offers) and a proprietary Membership Rewards currency for its cardholders. It competes with Cartera by offering merchants and cardholders direct integration, often bypassing intermediary platforms.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/CarteraCommerce
• Facebookfacebook.com/CarteraCommerce
• LinkedInlinkedin.com/company/cartera-commerce-inc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds9 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 Cartera Commerce