US-based data analytics provider Verisk has purchased a strategic minority stake in customer engagement platform Reward.

Financial details of the deal were not divulged.

Reward is a customer engagement platform for banks and retailers across Europe and the Middle East.

It offers a plug-and-play platform that boosts spending across all channels and product lines.

Founded in 2001, Reward was initially a loyalty platform for top football clubs.

Since 2006, Reward forayed into banking and retail landscape, with personalised card linked offers (PCLO).

Reward’s platform is used by payment giants Mastercard, Visa and American Express.

In addition, over 100 retailers, including H&M, Groupon, and Enterprise Car Rental also use its platform.

As part of the transaction, Verisk Financial president Lisa Bonalle-Hannan will join Reward as its board member, effective immediately.

Bonalle-Hannan said: “Verisk’s stake in Reward enables us to deepen our existing client relationships by bringing a broader array of loyalty solutions and analytics to banks and to geographically expand our customer base.

“Reward’s portfolio of services, coupled with Verisk Financials’ proprietary data, solutions and relationships, create a rich synergy that will enable us to create a global industry standard in customer loyalty.”

Commenting on Verisk’s investment, Reward founder and CEO Gavin Dein said: “We are delighted to welcome Verisk as a significant shareholder and Lisa Bonalle-Hannan to our board.

“The business has fantastic momentum as we launch more bank engagement programmes in the UK, Europe, and the Middle East.

“Our model has proven to be very effective as both retailers and banks have rapidly adapted to accelerating shifts in consumer behaviour.”

“Our goal is to become the global leader in Customer Engagement solutions for banks and retailers.

“Leveraging the power of Verisk’s data analytics, their global relationships and shared spirit of innovation, I truly believe this is a major step in helping us to achieve our goals sooner.”