Announcing our investment in Benji, the modern API that is unlocking rewards connectivity for issuers, merchants and consumers.
The loyalty rewards market has grown rapidly, but existing systems remain fragmented and lack interoperability. Consumers accumulate points across multiple programs yet often face limited redemption options and barriers to spending. Meanwhile, merchants and issuers grapple with costly, complex integrations to unlock these rewards. This disconnect diminishes customer engagement, devalues rewards and hinders merchant adoption —underscoring the need for a seamless solution that connects loyalty ecosystems.
“When you increase the spending and earning opportunities for rewards programs, it significantly enhances their perceived value,” said Victor Gutwein, Managing Partner. “There’s no better way to drive loyalty than having customers see a company’s currency as equal to — or better than — cash. Cash that the company can then direct toward spending in desired ways. That’s the whole point of Benji.”
Benji bridges this gap with an API-first platform that enables seamless rewards interoperability across a broad network of issuers, merchants, and consumers. Positioned as a “Plaid for loyalty rewards,” Benji supports both “pay with points” and “earn points” functionalities, allowing consumers to effortlessly redeem and accumulate rewards while offering merchants a cost-effective alternative to credit card fees and a powerful tool to drive customer engagement. The team’s deep technical expertise and track record in building scalable solutions — coupled with promising early pilots with major brands — highlight Benji’s potential to become a pivotal player in the loyalty space.
“We’ve heard from leading loyalty programs that their partnerships often take years and are cost prohibitive for all but the largest deals,” said Nick Anastasiades, CEO & Co-Founder. “We’re erasing that barrier with a platform that brings instant connectivity to legacy systems.”
With a strong, proven founding team that M25 has backed before at 2ndKitchen and a focused go-to-market strategy, we believe Nick, Arik and Jon are well-prepared to capture value in the evolving loyalty ecosystem.
About Benji: Building the industry’s first loyalty partnership API — enabling brands to create meaningful partnerships and offer their members powerful ways to earn and redeem reward points. For more information, please visit www.withbenji.com
About M25: M25 is an early-stage software-focused venture firm based in Chicago, investing solely in tech startups headquartered in the Midwest. Since launching in 2015, M25 has become the most active investor in the region, quickly becoming the preferred seed investor for the next generation of Midwest unicorns. Portfolio companies include Kin Insurance, Loop Returns, Astronomer, Branch Pay, Authenticx and more. For more information, please visit www.m25vc.com.
