Kudos Technologies Secures $7 Million in Seed Funding

Kudos Technologies, Inc., a Los Angeles-based startup that provides a smart wallet for shopping online, has announced that it has raised $7 million in Seed funding. The round was led by Patron, with participation from QED Investors, SciFi VC, SV Angel, Precursor Ventures, Newtype Ventures, and Chingona Ventures. Kudos plans to use the funds to further develop its smart wallet and launch additional cashback boosts across 12,000 merchant partners.

Since its beta launches a few months ago, the Kudos smart wallet has seen organic growth, with downloads increasing an average of 36% month over month and $4.5 million in annualized checkout GMV. Kudos also now supports checkout at over one million websites.

Kudos makes money from affiliate fees and a small percentage of the cashback that users earn. The company plans to use the new funding to grow its team and scale its marketing efforts.

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