Shark Tank twist: Andrew Banks secures funding for his own rewards startup Plastiq.it

Aussie entrepreneur and Shark Tank investor Andrew Banks has found himself with the shoe on the other foot, raising funding for his own customer rewards startup Plastiq.it.

The startup has already smashed its $50,000 minimum target on its Equitise equity crowdfunding campaign, with more than a month remaining.

Launched last year by the Talent2 founder, along with co-founders David Anderson and Tricia Stevens, Plastiq.it is intended to provide an easier way to manage store rewards cards and cashback accounts.

It allows consumers to integrate all of their accounts into one, while offering merchants more insights into the spending habits of all customers, online and off.

For Banks, it comes down to the pure practicalities of managing loyalty programs. On average, Aussies are subscribed to six loyalty programs, each.

“As each of these programs are distinct, it can become frustrating to hold many different cards and remember to get the right one out when shopping to get any points or discounts,” Banks says.

At the same time, consumer data is being used by banks, social media companies and retailers, he notes. It’s about time the consumers themselves saw some benefit from that.

“What do they give you back for it?” he asks.

Creating community

Banks and his co-founders are embarking on an equity crowdfunding campaign, offering the opportunity for anyone to invest as little as $150 into Plastiq.it, with an upper total investment limit of $400,000.

With 46 days still to go, the campaign has already seen over $77,000 invested.

The funding is pegged for marketing campaigns to build the brand and raise awareness with Aussie brands and shoppers, as well as to further invest in improving the technology.

The goal is to have 150,000 members by December 2020. In the long-term, the startup will expand into additional markets, with a focus on New Zealand, the US and the UK.

Having launched a public beta in November last year, Plastiq.it has already attracted about 2,500 members, and has about 500 Aussie retailers on its books.

“Now, we want to create a community of shoppers and stakeholders who are as excited about this opportunity as we are,” Banks said.

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