Edo has raised $15 million through a finance agreement led by VantagePoint Capital Partners with participation from Baird Venture Partners, according to a company statement

The Nashville and Chicago-based company, which offers targeted, instantly redeemable deals to consumers using spending activity data, will use the new financing to enhance growth efforts in small and medium business markets and expand its reach in retail and financial services sector. Edo has raised $54.3 million, including the additional capital, the company said.

“Payments and advertising are colliding; to stay competitive, banks must deliver value to cardholders that goes beyond the traditional realm of services, while advertisers are searching for solutions to drive customer acquisition, loyalty and return on marketing investment,” CEO Ed Braswell said in the statement. “This latest investment will help Edo expand our market leadership position and scale our advertising content, merchant partnerships and growth within the highly competitive local business market.”

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