Coverd Launches Credit Card with Up to 100% Instant Cashback, Backed by a16z

New York, NY – Coverd has officially launched the Coverd Card, introducing a novel credit card model that offers consumers instant cashback rewards of up to 100% on purchases. The company aims to redefine the rewards landscape by focusing on everyday spending and transparent, immediate gratification, moving away from traditional, often complex, and delayed reward programs. The announcement highlights the card's rapid growth and consumer-first approach.

The Coverd Card differentiates itself with a transparent rewards matrix, allowing cardholders the chance to receive instant cash back on every swipe, applicable to daily essentials like groceries and dining without thresholds or tracking points. "Everything we do is anchored in one principle: rewards should be empowering, not infantilizing," stated Albert Wang, Founder and CEO of Coverd, emphasizing the freedom users have to spend their rewards as they choose. Users can apply rewards as a statement credit or engage with in-app game experiences for opportunities to earn back their entire statement balance.

The new credit card is issued in partnership with Rain, a global stablecoin payments platform, and is accepted globally wherever Visa is. Coverd has garnered significant backing from prominent investors, including Andreessen Horowitz (a16z) speedrun, Tusk Ventures, Yolo Investments, WndrCo, and Volt Capital. Josh Lu, Partner at Andreessen Horowitz Speedrun, commented that "Coverd is defining an entirely new category in consumer payments."

The company has already demonstrated substantial consumer demand, having covered over $25 million in real purchases, with $12 million in May 2026 alone. Furthermore, Coverd reports 3,000 daily app downloads and a waitlist of 50,000 prospective cardholders. Top spending categories, including Walmart, McDonald's, and Burger King, underscore the card's focus on practical, everyday transactions rather than aspirational spending.