Monthly Top Line – February 2025

Mergers, acquisitions, and more

Lux Rewards has been acquired by Enigmatic Smile for an eight-figure valuation. 

Co-founders James Courtney, Tom Munday, and Ash Dey shared the news on LinkedIn yesterday, receiving many replies and reactions congratulating the team.

Courtney wrote, “Not in my wildest imagination would I have believed that just four years after being on the brink of shutdown, we would scale to 105 MILLION [sic] cardholders.”

Enigmatic Smile posted, “Two years ago, we invested in LUX Rewards because we saw something special—an ambitious team, a smart product, and a vision that aligned perfectly with ours. Since then, they’ve more than delivered.

“We’re excited to welcome LUX Rewards into the Enigmatic Smile family…”

Enigmatic Smile is a UK-based company that provides global payment-linked rewards infrastructure. With the acquisition of LUX Rewards, Enigmatic Smile says it will be able to strengthen its position in the card-linked offer (CLO) market and expand its merchant database. 

Fintech company Revving has secured £107 million in funding to address adtech cash flow challenges in the UK.

Extended payment terms, often reaching 120 days, have been a perpetual problem in the digital economy. 

Revving's new approach to invoice factoring aims to inject £1.8 billion into digital businesses over the next three years, potentially boosting the UK economy by £8.6 billion. The adtech industry contributes £129 billion to the UK's GDP and supports over 2 million jobs.