FinTech News
Atlas Card Announces $27 Million in New Funding
A FinTech offering an invite-only charge card has raised a new round of funding for its premium product.
About the funding round:
Atlas Card has revealed that it has raised $27 million in financing. The Series B was led by Michael Gilroy and Gokul Rajaram’s Marathon, while angel investors such as Eric Schmidt, Olaf Carlson-Wee, and Anton Levy also participated. This comes as, according to Atlas, it has surpassed $200 million in annualized spend volume for its charge card and has seen double-digit monthly growth. In turn, the company says it’s aiming to exceed $1 billion in purchase volume next year while expanding to new markets and categories.
About Atlas Card:
Originally conceived as the Point Titan card (with “Point” being the name of the startup before they shut down their Point Neon debit card and pivoted to Atlas), the Atlas Card is a premium charge card aimed at high-end consumers. In fact, at this time, the card is only available by invitation — although interested customers can join the waitlist and Atlas will contact them “if it’s a fit.”
With the Atlas Card, members can enjoy access to concierge service among other exclusive benefits. Additionally, the card can be configured to support multiple profiles, allowing cardholders to add staff, family, and others to the card.
According to the Atlas site, the card carries a $1,000 annual fee and includes memberships for CLEAR Plus, One Medical, Erewhon Cafe, Future fitness training, and more. In terms of rewards, the card earns 5x points on BLADE helicopter flights, 3x points on Atlas Hotel bookings, and 3x points on cardholders’ top eligible category each month. Options for this category include dining, hotels, flights, rideshares, nightlife, fashion, groceries, wellness, health, home, auto service, and ad spend.
What they’re saying:
Discussing the Atlas Card, the company’s CEO Patrick Mrozowski said, “Since onboarding our first member last summer, we’ve been laser-focused on delivering an unparalleled concierge and spending experience. I personally onboarded the first 500 members, including Michael [Gilroy]. We are humbled by his interest in our company, not only as a member but also as the lead investor for this round. We look forward to continuing to serve our members through an enhanced, seamless spending experience.”
Meanwhile, Gilroy said of his investment in Atlas, “I first met Atlas as a customer, and within a month of joining, I had moved 100% of my personal spend to the Atlas Card. Once I applied my FinTech lens, the data demonstrated that nearly every other member was doing the same thing.” He continued, “Atlas is a powerfully sticky business model that is only getting started… We’re fortunate to lead a round in a company that combines founder excellence and business model quality.”
My thoughts:
Honestly, I’m actually surprised to learn that the Atlas Card has indeed launched. It’s now been some time since the company rebranded and since the site has remained largely the same I assumed the waitlist was still just a waitlist. Apparently I’m mistaken as the startup has managed to not only grow its membership but now raise another round of funding.
As for the card, clearly it isn’t for me as there’s no way I’d end up getting $1,000 in value from it. I also wonder how big the market can really be for such a product. But, $27 million doesn’t lie — so I’ll shut up and see where the company goes from here.
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