Why QED invested in Kudos | Blog | QED Investors
Summary
But as we worked to refine the CARD Act of 2009, I believed that this website idea was worthy but doomed, so we left it on the cutting room floor.Today, with the CFPB working to finalize rules that guarantee consumer access to their financial data (while Plaid, MX, and others have already taught us to expect it), Credit Karma and Nerd Wallet juggernauts of financial advice, were now finally in a place to realize the promise of that 2009 idea to truly meet the tests of the financial health literature.QED is proud to announce that it has led the Series A in Kudos a card and spending rewards company that provides constant, always- on advice to its users. Kudos collaborates with another QED portfolio company, Wildfire, to access merchant discounts and pass them back to consumers.Many years ago (before The Points Guy was founded), I was a consultant and didnt have children. I also had a premonition that launching a consumer facing website for credit card shopping might be a bit hard for the Federal Government to pull off.The idea didnt die, however. The same team used this idea as an inspiration for Section 1033 of the Dodd-Frank Act that gives consumers the right to access their financial data in a digital format. The provision is finally on the cusp of implementation and meanwhile Plaid, MX, Yodlee and others have raced to give consumers this access in practice even without a regulatory requirement.Learn more about Kudos here.