What Virtual Incentives does

Virtual Incentives, legally operated as Medmatics, LLC, is a privately held digital incentives and payments platform founded in 2008 and headquartered in Cold Spring, New York. The company delivers a comprehensive suite of digital reward products organized across four categories: Visa and Mastercard products (Global Virtual Visa, Virtual Visa, Physical Visa, Reloadable Visa, Single/Multi Merchant Cards, and Amaze Visa Experience Cards), multibrand rewards (GiftCard PASS, FuelCard Pass), cash-like options (PayPal, Venmo, and direct-to-bank deposits), and eGiftCards spanning Amazon and 4,800+ global brands. Underlying the product suite is the proprietary VI Now platform, which provides API-based reward fulfillment, multi-factor authentication, fraud protection, and the Payment DNA analytics layer, with the company reporting 99.997% platform uptime and 175+ pre-built API integrations. The platform supports reward delivery across 187 countries in 59 currencies and has cumulatively issued 40M+ payments representing $3B+ in processed value.

The company serves a horizontal B2B customer base with primary use cases in employee engagement, market research participant compensation, sales/channel incentives, and customer experience programs. Named enterprise clients include Constellation (energy), Ally Financial, NORC at University of Chicago, SSRS, Gongos, AutoHook, and Georgia Commute Options, with the company stating 40+ Fortune 100 customers and a 98% client retention rate. Virtual Incentives employs a hybrid go-to-market combining enterprise field sales, a self-serve VI Now platform for mid-market, API-first distribution, and channel partnerships with research platforms such as FocusVision/Decipher, Alida/Sparq, and SampleNinja.

Revenue is generated through transaction fees on reward fulfillment, subscription/recurring platform access fees (VI Now, enterprise portal, analytics dashboard), and professional services for implementation and custom integration. Pricing is quote-based, varies by transaction volume and geographic scope, and is typically contracted on multi-year terms. The company appears to be founder/management-owned with no disclosed external venture capital or private equity investment. Leadership includes CEO Jonathan Price, COO James Gary, CRO Nate Shelley-Reade, and SVP Implementation & Client Experience Romy Parzick.

Name

Virtual Incentives

Legal name

Medmatics, LLC

Website

https://virtualincentives.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Virtual Incentives is a private B2B digital incentives and payments platform, founded 2008 and based in Cold Spring, NY, that delivers digital rewards across 187 countries in 59 currencies to enterprise clients in employee engagement, market research, sales incentives, and customer experience. The company operates the VI Now platform with 175+ API integrations, serving 40+ Fortune 100 organizations.

Ownership category

akta.pro rank

Product category

Digital Incentives & Payments Platform

NAICS

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

SIC

Finance Services (6199), Personal Credit Institutions (6141)

akta.pro primary industry

Virtual Prepaid & Single-Use / Tokenized Cards (FSAMANAJ)

akta.pro secondary industries

Card Issuing & Virtual Cards (lodge cards, single-use, tokenization) (THALAHAB), Alternative Payments & Digital Wallet Acceptance (A2A, RTP, wallets) (THALAHAH), Virtual Card & Tokenization Schemes (FSAMAAAG), Loyalty, Points Currency & Stored Value Payments (THALAHAK)

Keywords

• Digital incentive platform
• Reward payment processing
• Virtual visa cards
• Gift card distribution
• B2B incentive solutions

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Transaction Fees: Fees charged per transaction for reward fulfillment, including Virtual Visa card issuance, gift card delivery, and payment processing across multiple payment methods.
2. Platform/Subscription Services: Subscription-based access to the VI Now self-serve platform, enterprise portal, and analytics dashboard for managing reward programs.
3. Service Fees: Professional services including implementation support, custom integration development, and program management services.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels4 records

Core offering

Virtual Incentives operates a digital incentives and payments platform that enables B2B organizations to deliver instant digital rewards globally. The platform supports delivery of Virtual Visa cards, physical Visa reward cards, multibrand gift cards (including Amazon and 4,800+ global brands), and cash-like options (PayPal, Venmo, direct bank deposits) across 187 countries in 59 currencies. Delivery is powered by the proprietary VI Now platform with API-based integration, multi-factor authentication, fraud protection, and Payment DNA analytics.

Product overview

Virtual Incentives operates as a Digital Incentives & Payments Platform offering a comprehensive suite of reward and incentive products organized across four categories: (1) Visa and Mastercard products including Global Virtual Visa, Virtual Visa, Physical Visa, Reloadable Visa, Single and Multi Merchant Cards, and Amaze Visa Experience Cards; (2) Multibrand Rewards including GiftCard PASS and FuelCard Pass; (3) CashLike options including PayPal, Venmo, and Direct to Bank Deposits; and (4) eGiftCards featuring Amazon and 4800+ Global Brands. The offering is powered by the proprietary VI Now platform which provides API-based integration, real-time reward delivery, multi-factor authentication, Data Insights (Payment DNA), and fraud protection. The platform processes payments across 187 countries in 59 currencies, with 175 API integrations available for enterprise clients.

Differentiator

Problem solved

Functional benefit

Brands

• VI Now: State-of-the-art reward platform through which clients submit information required for reward fulfillment.
• GiftCard PASS
• Payment DNA

Products and services

• Global Virtual Visa Reward Card A virtual Visa card that can be delivered globally in real time, usable at any online merchant that accepts Visa, covering 145 countries in 4 currencies (USD/CAD/EUR/GBP).
• Virtual Visa A virtual Visa reward card delivered instantly via email, allowing recipients to shop online at any Visa-accepting merchant with real-time delivery and customizable branding options.
• Physical Visa Reward Card A physical Visa reward card mailed to recipients, featuring customizable branding, with FedEx tracking available for real-time shipment visibility.
• Reloadable Visa A reloadable Visa card that allows multiple reward disbursements to the same cardholder over time, supporting ongoing incentive and loyalty programs.
• Single and Multi Merchant Cards Prepaid cards restricted to spending at either a single merchant or multiple designated merchants, offering controlled reward redemption options.
• Amaze Visa Experience Card A category-based Visa card that provides enhanced rewards or experiences in specific spending categories.
• GiftCard PASS A proprietary multibrand reward card allowing recipients to shop at hundreds of retailers both online and in-store, with instant digital delivery.
• FuelCard Pass A prepaid fuel card specifically designed for the energy and utility industry, allowing recipients to pay for fuel at participating gas stations.
• PayPal Rewards Digital reward option enabling instant cash-like payouts directly to recipients' PayPal accounts for maximum flexibility.
• Venmo Rewards Digital reward option for instant Venmo transfers to recipients, supporting social payment preferences.
• Direct to Bank Account Deposits ACH bank transfer option enabling direct deposits of reward funds to recipients' bank accounts, covering 91 countries in 64 currencies.
• Amazon Gift Cards Digital Amazon gift cards available for instant delivery, leveraging Amazon's broad consumer appeal and global recognition.
• Global eGiftCards (4800+ Global Brands) A catalog of digital gift cards from over 4,800 global brands available for instant delivery across 72 countries in 54 currencies.
• Brand Reward Catalog A curated catalog of branded gift cards and rewards that companies can offer to employees, customers, or research participants.
• VI Now Platform The state-of-the-art reward platform through which clients submit information for reward fulfillment, featuring multi-tenant architecture, customer-specific identifiers, and role-based access privileges.
• Virtual Incentives REST API REST API (latest version v6.4) for reward and incentive delivery integration enabling turnkey management, real-time reward delivery, advanced reporting and security, and real-time personalization capabilities.

Quantifiable outcome

• 40 million+ payments issued and $3 billion+ in value processed
• +4 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and flagship.

• icanmakeitbettercoreTechnology or IntegrationStrategic partnership enabling instant reward delivery within the icanmakeitbetter market research community platform. Research participants can receive digital rewards immediately upon survey completion.
• ConstellationflagshipChannel Partner/ Reseller/ DistributorExclusive provider of Constellation's digital rewards platform for employee and customer incentive programs. Manages the energy company's reward fulfillment across multiple programs.
• AmazoncoreTechnology or IntegrationGift card partnership enabling Amazon gift cards as a reward option within Virtual Incentives' reward catalog, offering recipients flexible redemption choices.
• FocusVisioncoreTechnology or IntegrationAPI integration partnership enabling seamless reward delivery within FocusVision's market research platform. Allows researchers to automatically trigger incentives upon survey completion.
• Alida (formerly Vision Critical)coreTechnology or IntegrationPartnership for community payments enabling Virtual Incentives to deliver reward programs within Alida's customer experience and community insights platform.
• EveryAnswercoreTechnology or IntegrationIncentive research partnership connecting Virtual Incentives' reward delivery capabilities with EveryAnswer's expert answer platform for research participant compensation.
• NORC at University of ChicagoflagshipStrategic or Co-development PartnerAcademic research partnership focused on incentive behavior research. NORC utilizes Virtual Incentives for survey participant payments and collaborates on research into reward program effectiveness.

Scale indicators10 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Tremendous: Tremendous operates a digital rewards and payout platform offering virtual Visa/Mastercard, gift cards, ACH, and PayPal across 200+ countries. It competes head-to-head with VI in market research, employee recognition, and survey incentives, with a similar API-first go-to-market.
• Reward Gateway: Reward Gateway provides employee engagement, recognition, and rewards platforms for mid-market and enterprise. Its reward delivery and prepaid card infrastructure are comparable to VI's employee engagement offering, though RG bundles a full HR/recognition SaaS suite.
• Rybbon (by Blackbaud): Rybbon, now part of Blackbaud, focuses on digital reward fulfillment for market research and customer experience programs. Its API-driven survey incentive delivery directly mirrors VI's research segment focus.
• Giftogram: Giftogram offers a digital gift card platform with API integrations for employee rewards, customer incentives, and research payouts. It targets overlapping B2B use cases with VI, particularly in the North American market research segment.
• HMI Performance Incentives (formerly Hinda Incentives): HMI/Mercentile designs and delivers incentive and recognition programs across channel sales, employee engagement, and consumer promotions. It overlaps with VI on the sales SPIFF and recognition side, though it leans more on physical merchandise alongside digital.
• Eagle Productivity Solutions: Eagle Productivity Solutions delivers B2B incentive programs including channel sales SPIFFs and recognition rewards, with catalog-based digital fulfillment. Its enterprise sales motion parallels VI's channel incentive use case.

Broad incumbents

• Blackhawk Network (Tango Card): Blackhawk Network, through its Tango Card acquisition, is one of the largest digital reward and gift card distributors globally. It overlaps directly with VI's catalog-based digital incentives business but serves a broader retail and consumer prepaid portfolio.
• Globoforce (Workhuman): Workhuman runs one of the largest enterprise employee recognition platforms globally, with built-in digital reward delivery. It competes with VI in employee recognition and rewards, but bundles culture/recognition SaaS rather than offering a pure fulfillment API.

Emerging players

• Marqeta: Marqeta is a modern card-issuing platform whose APIs enable virtual and physical prepaid card programs. While more infrastructure-oriented, its BaaS-style capabilities could empower clients to bypass VI-style aggregators for direct issuance at scale.
• Stripe Issuing: Stripe Issuing allows platforms and enterprises to create and manage virtual and physical cards programmatically. As embedded finance grows, it represents a structural disintermediation risk for VI-style reward aggregators.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/virtual-incentives
• Xx.com/VirtualRewards

Compliance13 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

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 Virtual Incentives