Ackroo, a loyalty marketing, gift card, and payments technology startup, has received an additional $1 million CAD of working capital from BDC Capital. Under the terms of the loan from BDC, Ackroo received a second and final tranche of $1 million from their previously approved $4 million loan.

Ackroo, which is based in Stoney Creek, Ont., also received approval from the Royal Bank of Canada (RBC), in cooperation with Export Development Canada (EDC), to increase the company’s current revolving line of credit from $350,000 to a maximum of $1.6 million.

RELATED: BDC Capital reveals more details on investment matching program for VC-backed companies

“We feel very fortunate to have such a strong working partnership with BDC, RBC and EDC,” commented Steve Levely, CEO of Ackroo. “The world is facing challenging times with the global pandemic, so seeing organizations like BDC, RBC, and EDC continue to support organizations like Ackroo during these times speaks to the strength of our partnership and our economy in general.”

Ackroo provides merchants with a cloud-based multi-currency marketing platform aimed to help them attract, engage, and grow their customers. Ackroo’s solution helps merchants process loyalty, gift card and promotional transactions, provide key administrative and marketing data, and allows customers to access their loyalty and gift card accounts.

StartUp HERE Toronto is a publishing partner of Betakit and this article was originally published on their site.