Odynn has raised $9.5 million in a seed funding led by Bonfire Ventures and and co-led Fiat Ventures.
Describing itself as “AI Shopify for loyalty and travel,” New York-based Odynn is an AI platform that provides APIs for financial services companies to launch embedded loyalty, travel and rewards programs.
The company said the funding will be used to accelerate go-to-market efforts, build its engineering and data science teams and “deepen integrations” with both card networks and loyalty programs.
“Every executive knows their travel partner isn't cutting it. The portals are slow, the customer service is subpar and the customer experience is unsatisfying, which leads to low engagement,” said John Taylor Garner, Odynn founder and CEO.
“We built Odynn to be the alternative we wished existed—one that finally allows financial institutions to deliver the personalized, transparent booking experience their customers expect.”
Mark Mullen, co-founder and managing partner of Bonfire, added, “What struck us about Odynn wasn’t just the technology, it was seeing banks and large financial institutions using Odynn to unlock and drive significant revenue and value from their travel programs again.”
“When you’re serving customers from fintechs to multibillion-dollar banks like ANZ, and they’re all seeing these metrics, you know you’ve tapped into something that is an infrastructure need and what the market desperately wants.”