Imprint, the New York co-branded credit card platform, has raised $130 million at a valuation of about $1.9 billion, in a round led by existing investor Khosla Ventures and announced on 11 November 2026. Fintechbits checked FDIC data and found that First Electronic Bank of Salt Lake City, the issuer named on Imprint’s Albertsons, Fetch and Rakuten American Express cards, held $502.9 million of assets at 30 June 2026. That is the balance sheet behind several of Imprint’s card programmes, and it is small next to the $1.9 billion valuation the Imprint funding sets.

Imprint funding history: $600 million, then $1.2 billion, then $1.9 billion

Fintechbits compared the company’s last three financing announcements. A $75 million Series C on 10 October 2024, led by Khosla, set the valuation at $600 million. A $150 million Series D on 17 December 2025, with the same lead, put it at $1.2 billion. The new figure is roughly 3.2 times the October 2024 mark and about 58% above December 2025.

The new cheque is $20 million smaller than the Series D, so investors paid a higher price for less paper. The release does not call the round a series, and Fintechbits has not labelled it. Series D backers Kleiner Perkins and Timeless are not named this time, while Positive Sum, where Patrick O’Shaughnessy is chief executive, joins as a new investor.

The banks behind the Imprint cards

Imprint does not issue the cards itself. Its own site lists First Electronic Bank as issuer of the Booking.com, H-E-B and Brooks Brothers cards as well as the three American Express cards, and First Bank & Trust of Brookings, South Dakota as issuer of the Kroger, Shell and Crate & Barrel cards. FDIC records show First Bank & Trust with $4.78 billion of assets and $4.17 billion of deposits at 30 June 2026. First Electronic Bank had $285.6 million of deposits against its $502.9 million of assets.

The release says Imprint added $1.5 billion of warehouse capacity, about three times First Electronic Bank’s whole balance sheet. Fintechbits found no disclosure of who holds the card receivables, so the comparison shows scale only.

What the release measures and leaves out

The headline numbers belong to partners, not to Imprint. The more than $500 billion figure is annual US consumer spending at partner brands, not volume on Imprint cards. What Imprint does disclose is relative: cardholder spending across partners more than doubled between 2025 and 2026, and the share of partner checkout spending on Imprint cards tripled. There is no revenue, loss or receivables figure, and the December 2025 release claimed 200% cardholder growth without a count.

Fintechbits also read Imprint’s careers board on 11 November 2026. It listed 18 open roles, two of them in engineering, plus a Lead Product Manager for Agentic Commerce, which fits the Model Context Protocol server the release describes. Imprint Access, a refundable-deposit card for people new to credit, is the consumer product in the release.

Fintechbits analysis

Why the Imprint funding round matters for rivals and issuing banks

The round matters less for the cheque than for who captures card economics. Investors paid about 58% more in under 11 months while writing a smaller cheque, and Imprint cites a AAA-rated securitisation with demand nearly five times the offering as proof that funding for receivables is available. For a platform that relies on partner banks to issue its cards, that access is the moat, and it is harder to copy than a rewards engine.

Loyalty and card infrastructure is consolidating elsewhere too. Bilt agreed the Bilt LAVA acquisition at $300 million that Fintechbits covered, and the Cross River Accrue deal brings branded wallets into a bank’s own stack. Supervisors are likely to read Imprint’s risk through the issuer banks’ books, which is why those balance sheets deserve attention. The $1.9 billion valuation is a bet that Imprint keeps winning brands from legacy issuers, and the release supports it with growth ratios, not absolute numbers.

Frequently asked questions

How much is the Imprint funding round worth?

Imprint raised $130 million at a valuation of about $1.9 billion, announced on 11 November 2026 and led by Khosla Ventures. The previous valuation was $1.2 billion, set by a $150 million Series D on 17 December 2025.

Who issues the cards Imprint offers?

Imprint does not issue the cards itself. Its website names First Electronic Bank of Salt Lake City and First Bank & Trust of Brookings, South Dakota as issuers, under Visa, Mastercard and American Express licences.

What is Imprint Access?

Imprint Access is a card backed by a refundable deposit, aimed at customers new to credit or rebuilding it. The release says responsible use can build credit and lead to an upgrade to an unsecured card.

What to Watch Next

Imprint’s card disclosures, read on 11 November 2026, do not list the Fanatics American Express Card or name an issuer for Imprint Access, so the bank for each is the first gap to close. The next asset-backed securitisation will show whether the AAA rating holds. FDIC data for 30 September 2026 will update the issuer balance sheets, and any revenue or loss figure would finally test the growth claims.