Loop Insights (MTRX.V) announced they had completed their integration to Vend’s billing application programming interface (API), onboarding it to Loop’s compliance and reporting solutions.
The deal will give Loop access to data from Vend’s 20,000 customer locations worldwide. This information will help the development of Loop’s AI, as the more information it has the more novel and accurate its insights will be.
Vend has sent out a newsletter introducing their customers to Loop and is expected to launch an expanded sales and marketing campaign in support of Loop and its API integration. Vend is showing strong signs of belief in Loop and what they have to offer.
“The completion of Loop’s integration with the Vend Billing API is an example of how Vend works closely with partners to deliver value for our retailers. It has been great to see Loop’s enthusiasm for the project and we’re thrilled that our Vend retailers can now onboard clients to benefit from Loop’s products and services faster than ever before, giving them easier access to the multi-domain, franchise and historical reporting that Loop offers,” stated Lowry Gladwell, Vend Director of Product Partnerships. “Additionally, our announced acquisition by Lightspeed, which is expected to close towards the end of April, will allow Vend and Loop to reach new clients, with a particular focus on expansion in Asia-Pacific. I look forward to connecting Vend’s expanding customer base with Loop’s amazing solution stack.”
Vend is Loop’s first full integration, so this is an important milestone for them.
Loop’s goal is to use AI to deliver trackable, cross-merchant marketing, third-party programmatic advertising, and brand partnerships. Basically, Loop wants to aggregate a bunch of data and then have an AI look through it and produce some novel insights.
For instance, while it may be obvious that chips should market to people who often buy weed and so a brand partnership between chips and weed makes sense, Loop’s system will find the less obvious potential brand partners that people may have never noticed before.
An AI will be able to make associations most people would never see are there.
But to gain these insights they need data from vendors, and that is what this partnership with Vend provides Loop.
“Vend’s support of Loop’s integration to their Billing API speaks volumes about its confidence in Loop and our retail solutions. With the development of our Billing API integration now complete, both Loop and Vend are positioned to generate new sales opportunities through this successful partnership. Loop’s retail Insights service can now be onboarded to over 20,000 Vend customer locations, with the ability to scale to support Lightspeed’s 135,000 worldwide locations through Lightspeed’s recent acquisition of Vend. This API integration represents a massive revenue-generating opportunity for Loop, Vend, Lightspeed, and their many customers,” stated Loop Insights CEO Rob Anson.
Following the news, MTRX’s share price rose slightly to $1.43.