Analysis
Imprint, the co-branded credit card and loyalty startup, has raised $130 million at an approximately $1.9 billion valuation, with existing investor Khosla Ventures leading the round, Pulse 2.0 reported on November 11, 2026. Hedosophia, Ribbit Capital, Spice and Thrive Capital also participated, alongside new investor Positive Sum.
Upstarts puts the exact valuation at $1.88 billion, up from $1.2 billion.
What does Imprint do?
Imprint builds co-branded financial products, mainly credit cards, that consumer brands offer under their own names, and has added payments, loyalty and customer-data tools on top. Daragh Murphy founded the company in 2020 and is its CEO, per Pulse 2.0. Fintech Global describes Imprint as New York-based and says its brand partners account for more than $500 billion of yearly US consumer spending. Since early 2026 Imprint has launched programs with Albertsons Companies, Fanatics, Kroger and Shell. Upstarts reports Imprint has more than two million cardholders, up from about 15,000 when it raised in 2023.
“Upstarts puts the exact valuation at $1.88 billion, up from $1.2 billion.”
The operating numbers are what moved the price. Upstarts reports Imprint expects to end 2026 at about $400 million in GAAP revenue, up 150%, while headcount grew only 30%. Fintech Global adds that total cardholder spend across its partners more than doubled from 2025 to 2026, that Imprint secured an extra $1.5 billion in warehouse capacity, and that its second AAA-rated securitization drew demand close to five times the offering size.
How much has Imprint raised?
- 2023 -- round at a $240M valuation (amount not stated) (Upstarts)
- Oct 2024, Series C -- $75M at $600M, led by Keith Rabois at Khosla Ventures (Pulse 2.0)
- Dec 2025, Series D -- $150M at $1.2B, led by Khosla Ventures (Pulse 2.0)
- Nov 2026 -- $130M at about $1.9B, led by Khosla Ventures (Pulse 2.0)
That is $355 million across the three rounds with disclosed amounts. The valuation has gone from $600 million to about $1.9 billion in roughly two years, a 3.1x markup.
Value Add VC data
On Upstarts' $1.88 billion figure, the new price is 1.57x the December 2025 Series D mark. Against the roughly $400 million of expected 2026 GAAP revenue Upstarts reports, Imprint is valued at about 4.7x this year's revenue. Comparable rounds on Pulse this week:
- Rox -- $100M Series B at $1.3B for AI revenue agents, co-led by General Catalyst and March Capital (Pulse)
- Alta -- $47.5M Series A led by Index Ventures for blockchain infrastructure for regulated banks (Pulse 2.0)
Who invested in Imprint
Khosla Ventures has led every priced round since the Series C, with Keith Rabois named on that deal. Ribbit Capital, Thrive Capital and Kleiner Perkins backed both the Series C and the Series D, per Pulse 2.0's reports on those rounds, and Upstarts lists Kleiner Perkins among existing investors now. The new name is Positive Sum, the firm Upstarts says was co-founded by Patrick O'Shaughnessy, who told Fintech Global that Imprint has "proven their ability to win marquee partners, and are growing quickly." The round's money goes to new payment products, AI capabilities and wider reach into partners' customer bases, per Pulse 2.0.
Imprint's market and its risks
Fintech Global reports that the ten biggest US co-branded card programs handle more than $1.1 trillion in payment value, which sizes the market Imprint is trying to take from bank issuers. The risk is credit. Imprint funds its cards through warehouse lines and securitizations, so its revenue depends on cardholders repaying, and Fintech Global notes an estimated 32 million Americans have thin or no credit files, a segment that carries more credit risk than prime cardholders. A rise in consumer delinquencies would hit Imprint harder than a software company of the same size, and programs launched this year, such as Kroger and Shell, have not yet been tested through a full credit cycle. Track the funding and valuation history of this year's fintech rounds on Pulse's funding tracker.