When a Booking.com customer taps a co-branded credit card to book a hotel in Lisbon, the rewards math, the underwriting decision, and the swipe authorization all run through a five-year-old startup in lower Manhattan. That startup is Imprint, and as of December 2025 it has raised a Series D worth $150 million [CB Insights, Dec 2025], capping a funding run that totals roughly $338 million in disclosed capital across four rounds.
Imprint sells one thing: co-branded credit card programs that brands can launch without becoming banks themselves. The product is called Imprint Core, and per the company it powers "every sign-up, every swipe, every rewards redemption, and everything in between" [Imprint.co]. The marquee customers named on its own site are Booking.com and Rakuten [Imprint.co]. Cards are issued by First Electronic Bank under Visa and Mastercard licenses [help.imprint.co]. The card-issuing rails themselves run on Stripe, a choice the engineering team has written about publicly [Imprint Tech Blog].
The bet
The wager here is straightforward. The co-branded card market in the United States has historically been the province of a handful of giant issuers selling long, complex partnerships to airlines, hotels, and big-box retailers. Imprint is pitching a software-first version of that same arrangement to a wider set of brands, with a developer-facing API stack and what the company describes as "customizable credit underwriting" [Imprint.co].
If that wedge holds, the addressable surface is large. The Series C deck, reported by Fortune in October 2024, valued the company at $600 million on a $75 million round led by Khosla Ventures [Fortune, Oct 2024]. By 2025, PYMNTS reported the valuation had crossed $1 billion and the company was "looking beyond credit" toward adjacent financial products [PYMNTS, 2025]. The Series D in December added another $150 million on top of that [CB Insights, Dec 2025].
Why the cap table matters
Imprint's investor list is the kind of signal that fintech bankers read closely. The 2021 Series A was led by Kleiner Perkins, with Stripe and Affirm participating [TechCrunch, Nov 2021]. Ribbit Capital led the $75 million Series B in November 2023 [Fintech Futures, Nov 2023]. Khosla Ventures led the Series C a year later [Fortune, Oct 2024].
| Round | Amount |
|---|---|
| Series A (Nov 2021) | $38M |
| Series B (Nov 2023) | $75M |
| Series C (Oct 2024) | $75M |
| Series D (Dec 2025) | $150M |
The round cadence tells its own story. Eighteen months between B and C, fourteen months between C and D, and the check size doubling at the most recent step. Investors are paying up for whatever the underlying program-launch and active-card metrics look like.
The team and the work
Imprint is headquartered at 221 Canal Street in New York [CB Insights, Dec 2025]. The engineering org publishes a technical blog detailing how it stood up its card-issuing platform on Stripe in six months and built its consumer mobile app [Imprint Tech Blog; Google Play]. Current open roles include a Senior Software Engineer for AI, a Senior iOS engineer, a Technical Program Manager, and a Marketing, Strategy and Analytics Lead [AshbyHQ; Greenhouse.io].
What the bears say
The credible counter-argument is competitive. Co-branded card economics are dominated by incumbent issuers with decades of underwriting data, and the largest brand programs are locked into multi-year exclusivity contracts. A software-first challenger has to either win the smaller and mid-sized brand tier first, or convince a major partner to switch issuers. The bull answer is in the customer logos Imprint already discloses: Booking.com and Rakuten are not small brands [Imprint.co].
What to watch
Three things over the next twelve months. First, the named partner list. Second, the products-beyond-credit roadmap that PYMNTS flagged [PYMNTS, 2025]. Third, the credit performance of the existing portfolios as US consumer credit cycles shift.
With $338 million in disclosed capital, a billion-dollar-plus valuation [PYMNTS, 2025], and two consumer brands that millions of Americans actually use, Imprint has bought itself the runway to find out whether the co-branded card market really is ready for a software-native challenger.