- SRAX enters into $5M secured term loan with B. Riley Financial Inc. affiliate
- Company’s BIGtoken platform allows users to own, earn from their data in addition to generating quality data sets that can be sold to marketers
- BIGtoken launches into several international markets including India, Mexico and Europe
SRAX Inc. (NASDAQ: SRAX), a marketing and consumer data management technology company, is positioned to accelerate the growth of its BIGtoken consumer-driven data marketplace after entering into a secured term loan with an affiliate of B. Riley Financial Inc., a diversified financial services company. Details of the transaction can be found in the company’s current report on Form 8-K, filed recently with the SEC (http://ibn.fm/m0ACV).
BIGtoken is a unique offering in the digital marketing space that offers solutions for consumers who are increasingly becoming aware of the value of their data. The platform allows users to own and earn from their data, providing everyone in the ecosystem with choice, clarity and reimbursement, in addition to generating reliable data sets that can be sold to marketers.
“We are excited to partner with B. Riley. The team is experienced and will help us take the next steps in executing our plan,” SRAX founder and CEO Christopher Miglino stated in a news release. “This financing will help fuel growth as both BIGtoken.com and SRAXir.com are gaining traction in their goals to be the leaders in their respective data businesses.”
Increased concerns about data privacy have resulted in millions of users abandoning some of the most popular social media platforms (http://ibn.fm/BCve3). Knowledge among the general public about the value of consumer data is no longer secret as users are becoming increasingly savvy about how tracking mechanisms are being used to record their clicks and track their activities. SRAX aims to leverage this situation by positioning BIGtoken as a solution that bridges the appetites of marketers for high-quality data with the desire of users for fairness and compensation.
“We’re pleased to provide SRAX with the necessary financing to support its growth,” Bryant Riley, Chairman and co-CEO of B. Riley Financial, stated in a news release. “The shifting privacy landscape has required brands and marketers to embrace new technology to reach desired consumer groups, and we believe SRAX is well-positioned to capitalize on this opportunity.”
SRAX’s BIGtoken platform features proprietary technology that allows users to select, approve and monetize their data while simultaneously creating anonymous and reliable data sets that marketers can access for a fee. The available data spans many industry verticals in the automotive, luxury, lifestyle and investor relations spaces, empowering marketers to accurately identify target consumers for brands and companies, giving them a competitive edge with reliable, accurate, user-driven data.
SRAX launched BIGtoken into several international markets by creating local joint ventures such as its recent partnership with the Mumbai-based Yash Birla Group. With diversified interests in both consumer and industrial products, the deal will give the company access to India’s estimated digital population of 627 million – representing one of the largest digital ad markets in the world with an estimated value of $3.6 billion and CAGR of 32%. Further international developments include SRAX Mexico with a team of 90 employees and 70 engineers, in addition to several multilingual offerings of BIGtoken in Europe.
For more information, visit the company’s website at www.SRAX.com
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://ibn.fm/SRAX
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