Loyalty platform Clube Ben backs cashback startup CashBanx with convertible note
What's the deal? Clube BenDealroom has a profile for this one. Try Dealroom →, a loyalty and engagement platform built by Proxy MediaDealroom has a profile for this one. Try Dealroom →, has invested in CashBanxDealroom has a profile for this one. Try Dealroom →, a cashback technology startup serving the financial market. The deal is structured as a convertible note with a minority stake, Clube Ben and Proxy Media leading the round.
How it's structured: The agreement includes a commercial vesting mechanism that lets Clube Ben increase its stake as revenue targets agreed between the two companies are met.
Why now? Clube Ben says it grew 48% over the past 12 months and signed more than 30 new clients in 2026, including RenaultDealroom has a profile for this one. Try Dealroom →, Michelin, UnimedDealroom has a profile for this one. Try Dealroom →, Supermercados Zona Sul, Mantecorp SkinCareDealroom has a profile for this one. Try Dealroom →, and MedSênior. With over 150 corporate clients, it expects to close the year above 200 — a gain of more than 65% on 2025.
What's the endgame? The plan is to fold CashBanx's technology into the distribution channels of Clube Ben and Proxy Media, widening the loyalty product range for existing clients. CashBanx expects to grow its gross merchandise value 18-fold year on year in 2026 and pass US$127.9M in 2027.
"CashBanx brings technology specialised in cashback, and we have a commercial structure and a partner ecosystem that can accelerate that offering," said Francisco Cantão, chief executive officer of Clube Ben and Proxy Media (translated from Portuguese).
What's next? In the medium term, the companies plan a second phase of operational integration focused on jointly developing new financial and engagement products.
The signal: The deal shows loyalty platforms moving toward embedded financial features, pairing Clube Ben's corporate benefits reach with CashBanx's expertise in monetising the financial sector.
Read more: startupi.com.br
Image credit: rkztcxab30
