Benjamin Capital Partners Boosts Cash Rewards with Acquisition
Benjamin Capital Partners Acquires New Thing Co.
Benjamin Capital Partners has recently taken a significant step to enhance its offerings in the cash rewards market by acquiring New Thing Co. This dynamic fintech company is set to revolutionize traditional consumer cash rewards through innovative augmented reality technologies integrated into the Benjamin app.
Integration of Cutting-Edge Technology
New Thing Co. has built a reputation for creating extraordinary customer experiences, employing proprietary augmented reality tools that engage users in a unique way. The integration of this technology into the Benjamin app will allow consumers to earn cash rewards — known as Benjamin Money Moments — while engaging in everyday activities such as shopping, gaming, and even viewing advertisements.
Leadership Transition and Growth
As part of the acquisition, New Thing's co-founders, Aubrey Johnson and Jason Bender, will be stepping into critical roles. Johnson will be the Executive Vice President of Product Strategy, while Bender will serve as Executive Vice President of Technology. This restructuring is poised to enhance product development and engineering within the Benjamin framework, under the guidance of Founder Erno Tauriainen.
A Vision for the Future
Erno Tauriainen expressed excitement about the acquisition, emphasizing the unmatched expertise that Johnson and Bender bring to the table. He noted that their experience in the cash-back sector will be instrumental in advancing Benjamin's mission to provide consumers with innovative and rewarding experiences.
Johnson and Bender's previous success with Dosh, which was acquired for significant revenue, solidifies their credentials in the cash rewards arena. "We are honored to join the Benjamin team and bring our expertise to assist in creating memorable user experiences," said Johnson.
Recent Funding and Market Expansion
The acquisition was timed with a remarkable $13 million capital fundraising initiative that involves both debt and equity support from existing investors. This funding is expected to accelerate Benjamin's growth trajectory, which has already surpassed 900,000 monthly active users.
New Chief Financial Officer Jordan Rohan highlighted the importance of ongoing investor backing, stating, "This capital will drive our expansion into new verticals like commerce, payments, and advertising." With revenue approaching $4 million in monthly recurring revenue, the company's growth is on a promising upward trend, building momentum post their beta release in late 2023.
Enhancing User Experience with Benjamin Money Moments
The Benjamin app aims to facilitate a comprehensive cash rewards lifestyle, offering users the ability to earn while engaging across various daily tasks. As Tauriainen notes, these daily interactions will equate to rewarding 'Benjamin Money Moments' for users each month.
About Benjamin Capital Partners
Benjamin Capital Partners serves as the parent company for the Benjamin App, a groundbreaking platform designed to provide consumers, merchants, and gamers the ability to earn cash rewards through daily activities. Founded by industry thought leader Erno Tauriainen and led by digital expert Lon Otremba, Benjamin Capital continues to push boundaries in cashback, gaming, and digital advertising sectors.
About New Thing Co.
New Thing Co. specializes in augmented reality rewards, empowering marketers to effectively integrate engaging AR content into their campaigns. This acquisition will enhance both Benjamin’s technology portfolio and user interaction within its ecosystem.
Frequently Asked Questions
What is the significance of the acquisition of New Thing Co.?
The acquisition is set to enhance Benjamin's app with augmented reality tools, improving customer engagement and reward experiences.
Who are the key leaders from New Thing Co. joining Benjamin?
Aubrey Johnson and Jason Bender will assume leadership roles in product strategy and technology, respectively.
What is Benjamin Money Moments?
Benjamin Money Moments refers to the cash rewards earned through various activities in the Benjamin app, such as shopping or gaming.
How will the new funding impact Benjamin’s growth?
The recent $13 million funding will support the expansion of Benjamin’s user base and new market verticals.
What can users expect from the future of the Benjamin app?
Users can anticipate enhanced interactivity and rewards through augmented reality experiences, paving the way for a comprehensive rewards lifestyle.
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