A business offering a ‘mobile loyalty wallet’ has announced $20 million in investment.

Headquartered in Germany, Stocard allows its users to store loyalty cards in an app without having to carry around physical loyalty cards.

 “It’s no longer a question that wallets will go mobile, the question is around how to execute the transition with the consumer’s best experience in mind,” said Björn Goß, co-founder and CEO of Stocard.

“Digital will reshape the shopping process and experience, as mobile wallets rebundle services around shopping, financial services and much more. The fresh capital injection, combined with Macquarie’s track record in helping companies scale-up is a perfect fit at this stage of Stocard’s growth.”

The company has offices in Paris, France, and has plans to add an office Toronto, Canada.

“The collaboration with our retail partners has been extremely successful, driving significant revenue in their offline stores and delivering a great ROI,” said David Handlos, co-founder and CEO at Stocard.

“The investment will help Stocard to accelerate its expansion and to intensify the work with our partners to bridge the gap between mobile and brick and mortar and help them to drive their digital agenda.”

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The company plans to double the team by recruiting an additional 40 employees across engineering, sales and marketing.

The funding round was led by global investment banking and diversified financial services group, Macquarie Capital.

 “We are impressed by the company’s rapid growth, currently adding 1 million new users per month, and working with some of the largest most innovative retailers globally,” said Elmar Broscheit, managing director at Macquarie Capital.

“The business is strategically positioned to shape the future of the mobile wallet space and we look forward to working closely with the Stocard team to help them grow the business.”

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