Concerto, a new company, founded to power credit card partnerships that improve the user and product experience for both consumers and businesses, raised $21 million in early-stage strategic capital to support the platform’s expansion. Concerto also announced that it has launched its next-generation card issuance and loyalty platform.
Concerto is a platform explicitly intended to establish and manage co-branded credit card schemes. The Texas Rangers, Los Angeles Angels, Baltimore Orioles, and Cincinnati Reds professional baseball teams were among the early partners.
Matrix Partners led the round. PayPal Ventures and GoldenTree Asset Management also participated in the round. In addition, GoldenTree and Concerto have formed a joint venture to fund a minimum of $2 billion in credit card receivables.
“Concerto is excited to work with teams in fanatical baseball markets to create great programs for each clubs. We have planned some special things with our partners and are excited about delighting their fans.”Matt Tomko, Co-founder and Head of Business Development, Concerto
Concerto debuted with a series of ground-breaking credit card loyalty programs for several MLB teams, bringing fans closer to the game. Fans who choose team-issued cards can get exclusive access to game tickets, gear, memorabilia, and experiences that money can’t buy. Cardholders will also be treated to various contests and surprises that will keep their hearts and minds engaged.