đź‘“At a Glance
Borrower: Cardlytics, Inc. and subsidiaries
Lender: Banc of California (formerly Pacific Western Bank)
Deal Size: $60 million with ability to increase to $75 million with a syndication partner
Structure: Senior secured asset-based revolving line of credit
Use of Proceeds: Finance working capital and business expansion
Source: SEC 8-K
đź“·Borrower Snapshot
Sector: Communication Services
Subsector: Media
Ownership: Public
Commercial Stage: Revenue generating; EBITDA (-) LTM
Business Overview: Cardlytics, Inc. (Nasdaq: CDLX) operates a purchase intelligence platform that makes marketing more relevant, measurable, and rewarding. Through its flagship Cardlytics platform, the company partners with leading financial institutions to deliver targeted cash-back offers to consumers within their digital banking apps—leveraging anonymized transaction data to reach customers where they bank. Cardlytics also operates the Bridg platform, a customer data platform that uses point-of-sale data from merchants to drive loyalty and engagement through precision marketing. Across both platforms, Cardlytics helps marketers in retail, grocery, dining, travel, and other sectors convert insights into measurable sales impact.
⚙️Structure & Terms
Source: SEC 8-K
Revolving Line Commitment: $60 million with ability to increase to $15 million upon syndication
Borrowing Formula: 85% on eligible accounts; 30% on eligible UK accounts
Maturity: 22 months (July 2026)
Repayment: Interest monthly, Principle at maturity
Rate: Variable; Prime + 0.125%
Fees:
- Commitment Fee: Not disclosed
- Success Fee: Not disclosed by tied to a billings target
- Unused Fee: 0.15% per annum
Covenants:
- Minimum Cumulative Adjusted EBITDA - Per grid that was not disclosed
- Minimum Cash - Threshold not disclosed
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