Trinity Capital Inc. Provides $15 Million in Growth Capital to Kard, Accelerating Growth of Its Commerce Media Network

Rhea-AI Summary

Trinity Capital (Nasdaq: TRIN) announced a $15 million growth capital commitment to Kard on October 21, 2025 to accelerate expansion of Kard's commerce media network.

Kard powers merchant-funded, API-first rewards for banks, fintechs and loyalty programs, reaching tens of millions of consumers and processing over $10 billion in transactions each month. Trinity said the funding will help Kard scale operations and expand into new markets while Kard will continue using aggregated spend data and AI-driven personalization to drive incremental merchant growth and strengthen issuer loyalty.

Positive

• $15 million committed by Trinity to Kard (Oct 21, 2025)
• Kard processes over $10 billion in transactions per month
• Kard reaches tens of millions of consumers via institutional partners
• API-first platform enables customized merchant-funded rewards

Negative

• None.

Insights

Growth capital strategist

Trinity's $15M growth commitment accelerates Kard's commerce media network expansion and merchant-funded rewards scale.

Trinity Capital commits $15 million to Kard, providing growth capital to scale operations and support expansion into new markets. Kard reports it reaches tens of millions of consumers and processes over $10 billion in transactions each month, and uses first-party spend data to serve personalized, merchant-funded rewards via an API-first platform.

The business mechanism links banks/fintech issuers, merchants, and consumers so merchant-funded rewards drive measurable incremental spend and issuer loyalty. The deal depends on continued transaction volumes and the efficacy of Kard's AI-driven personalization to produce measurable merchant ROI and issuer engagement; those two metrics determine whether scaling yields durable economics.

Watch for concrete signs of progress such as geographic expansion milestones, growth in merchant-funded program participation, and disclosure of incremental spend or engagement metrics over the next 6–18 months. If Kard sustains or grows the reported $10 billion monthly processing level while expanding merchant participation, the capital should help accelerate network effects and market penetration.

PHOENIX, Oct. 21, 2025 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (the "Company"), a leading alternative asset manager, today announced the commitment of $15 million in growth capital to Kard Financial, Inc., ("Kard"), a commerce media network that helps fintechs and financial institutions drive usage, loyalty, and engagement through merchant-specific rewards.

Kard powers next-generation rewards programs through a flexible, API-first platform that enables financial institutions, fintechs, and loyalty programs to build deeply customized rewards ecosystems. By partnering with leading institutions across the U.S., Kard now reaches tens of millions of consumers and processes over $10 billion in transactions each month. Using proprietary first-party transaction data, Kard delivers AI-driven, hyper-personalized rewards that drive measurable, incremental growth for merchants and differentiated reward experiences that strengthen loyalty for issuers. Kard connects issuers, merchants, and consumers by helping banks and fintechs deliver differentiated rewards that build loyalty, while giving merchants a scalable way to drive measurable customer acquisition and engagement.

"Kard's approach to loyalty programs modernizes outdated systems and creates greater accessibility across the entire ecosystem," said Phil Gager, Senior Managing Director of Tech Lending at Trinity Capital. "We are excited to partner with their team as they continue to innovate within the rewards industry."

This capital infusion will help Kard scale operations and further expand into new markets.

"Kard started as a point solution helping our fintech and card issuer partners offer merchant-funded rewards, and has evolved into a scaled commerce media network," said Ben Mackinnon, CEO of Kard.

"With spend data aggregated across debit, credit, receipts, and other sources, we can see how consumers actually spend—and, more importantly, what motivates them to switch. That insight lets us create measurable, incremental value for both financial institutions and merchants."

About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized growth-oriented companies across five distinct lending verticals: Sponsor Finance, Equipment Finance, Tech Lending, Asset Based Lending, and Life Sciences. As a long-term, trusted partner for innovative companies seeking tailored debt solutions, Trinity Capital has deployed more than $4.7 billion across over 420 investments since inception in 2008 (As of June 30, 2025). Headquartered in Phoenix, Arizona, Trinity Capital's dedicated team is strategically located across the United States and Europe. For more information on Trinity Capital, please visit trinitycapital.com and stay connected to the latest activity via LinkedIn and X (@trincapital).

About Kard
Kard  is the leading rewards infrastructure powering next-generation personalized rewards through a commerce media network. Using predictive AI and first-party transaction data, Kard helps financial institutions, fintechs, and brands understand and influence real consumer spend. Its flexible, API-driven platform enables partners to deliver personalized, data-driven rewards that deepen engagement, build loyalty, and turn rewards into revenue-generating marketing channels.

View original content to download multimedia:https://www.prnewswire.com/news-releases/trinity-capital-inc-provides-15-million-in-growth-capital-to-kard-accelerating-growth-of-its-commerce-media-network-302589452.html

SOURCE Trinity Capital Inc.

FAQ

What did Trinity Capital (TRIN) announce on October 21, 2025?

Trinity Capital committed $15 million in growth capital to Kard to support scale and market expansion.

How large is Kard's transaction volume cited in Trinity Capital's announcement?

Kard processes over $10 billion in transactions each month according to the announcement.

How many consumers does Kard reach and why does that matter for TRIN investors?

Kard reaches tens of millions of consumers, indicating broad distribution that could support Kard's growth potential.

What does the $15 million funding mean for Kard's product and market strategy?

The capital is intended to help Kard scale operations and expand into new markets while enhancing its AI-driven, personalized rewards.

Will Trinity Capital (TRIN) take an ownership stake in Kard with this $15M commitment?

The announcement states a growth capital commitment but does not disclose ownership percentage or transaction structure.

How does Kard deliver rewards for banks and fintechs as described in the TRIN announcement?

Kard uses an API-first platform and aggregated first-party spend data to power merchant-specific, AI-driven personalized rewards for issuers and merchants.