Offerpal has quietly built a special offer empire. On its two-year anniversary, the company is announcing that it has issued more than 730 billion virtual points to 160 million consumers.
Offerpal helps publishers on Facebook, game platforms, and virtual worlds monetize their apps. Rather than selling to consumers, it gives them an alternative payment system via special offers, which are targeted ads such as surveys or credit card deals. To gain virtual points that they can spend in a game, users fill out a survey. Advertisers pay Offerpal for each complete survey, and Offerpal shares the proceeds with the app publisher.
So far, Fremont, Calif.-based Offerpal has signed up more than 2,000 publishers. Offerpay has also created a turnkey payment platform that now powers millions of transactions per month. It has payment options in 190 countries and offers in more than 80 countries.
Offerpal first launched its platform in October, 2007, on the Facebook app (fluff)Friends, a virtual pet game. The app, owned by Social Gaming Network, has generated considerable revenue thanks to Offerpal.
Now Offerpal competes with Gambit and Adknowledge’s Super Rewards platform. The company has added a testing program, a way to fight virtual currency fraud, and partnered with companies such as IMVU and Tapjoy. Offerpal plans to roll out more enhancements to its platform through 2010. In February, the company raised $15 million in a second round of funding. Previously, it raised $5 million in 2007.
Investors include Interwest Capital, North Bridge Venture Partners, and D. E. Shaw Ventures.