When
Curenci co-founder Mike Brooks tries to describe the company, the first thing he mentions is Russian nesting dolls--those wooden tchotchkes that are split in the middle to accommodate smaller and smaller dolls tucked into one another.
"When people first see our company, they see a loyalty program, and get the impression that we're just a technology company," he says. "But if you keep going through the layers, you'll find there's more to us than that."
Started last year, the company calls itself "a loyalty program on steroids," and provides a link among merchants, consumers, and fundraising efforts. Retailers and other merchants sign up with Curenci, and when shoppers frequent those stores, they bring along their Curenci card. The merchant sends a rebate amount to a cause chosen by the consumer, as well as a certain amount to the consumer's card to be used like cash.
Merchants set the rebate amount. For example, Berry Blendz in Eden Prairie offers a 3.5 percent rebate amount, while Cloud 9 Carwash in the same city offers seven percent.
The company is finding some traction as it puts the program in place, and Brooks notes that they would like to have whole neighborhoods involved. Since Curenci can be used for any type of transaction, including EBT, car registration, and other tasks, Brooks believes that government agencies could benefit as well as vendors.
Currently, eight merchants have signed up, but now that the technology has been proven, Brooks says the momentum has begun. The tool represents the company's first application to market using its core payment and disbursement technology. Curenci's primary focus is on a patent-pending secure electronic settlement system for transactions and payments through ecommerce and mobile platforms.
"We're really getting things ramped up, and getting to market as quickly as we can," he notes.
Source: Mike Brooks, Curenci
Writer: Elizabeth Millard