Dragonpass Acquires iCoupon to Build Global Loyalty Platform

By Grace Kim

iCoupon issued more than £100 million in digital vouchers in 2025, including 12 million food and beverage entitlements, according to the company. iCoupon said its network connects more than 200 airlines, over 400 airports and more than 4,000 retail locations across 56 countries.

What does the acquisition add?

Dragonpass acquired iCoupon, a digital voucher redemption technology company whose network spans more than 400 airports. The deal combines Dragonpass’s relationships with financial institutions and payment networks with iCoupon’s airline-connected redemption infrastructure. Dragonpass said the combination will support the development of an international loyalty-as-a-service platform.

Dragonpass and iCoupon had collaborated for nearly a decade, starting with digital dining benefits at airports. The acquisition immediately expands Dragonpass’s airport dining and retail capabilities, the company said. The companies also plan to introduce additional Dragonpass services through iCoupon’s airline and airport partnerships.

Dragonpass, a global travel and lifestyle benefits platform serving more than 45 million members, works with more than 200 banks, card issuers and telecommunications providers. Dragonpass said it supplies benefits to 35 of the world’s 50 largest banks.

Jane Zhu, CEO and co-founder of Dragonpass, said:

“The acquisition of iCoupon represents a significant step in our strategy to build a global loyalty-as-a-service platform. Having worked together for almost a decade, we recognise the strength of its technology and network, and the immediate opportunity to expand our dining and retail offering while exploring applications across new lifestyle markets.

The future of loyalty lies in connecting customer intelligence with relevant benefits at scale. By bringing together complementary distribution networks and investing in more intelligent engagement technology, we’re building the infrastructure to help our partners deliver greater value to customers, precisely when they need it.”

The deal gives Dragonpass airline-linked redemption at more than 400 airports.

How do vouchers reach passengers?

iCoupon said its infrastructure supports voucher-related services available to more than one billion airline passengers. Its technology allows airlines and other organizations to deliver vouchers, discounts and customer benefits through existing identifiers such as boarding passes, barcodes and QR codes.

iCoupon said its platform connects directly with participating retailers’ point-of-sale systems, supporting real-time redemption, transaction tracking and automated reconciliation. iCoupon said airlines can issue digital entitlements for use at participating airport merchants without requiring passengers to manage separate voucher documents or applications.

iCoupon said its platform contains 13 technology modules spanning passenger care, retail services and other travel-related applications.

Passengers can use airport benefits through travel identifiers and merchant checkout systems, without separate voucher documents or applications.

Why is Dragonpass changing loyalty?

Dragonpass cited Comfort Index research indicating that 50% of British consumers consider loyalty schemes outdated. The survey also found:

• 76% value affordable everyday treats.
• 69% are more likely to remain loyal to brands that reduce friction in everyday experiences.
• 48% said they are more likely to switch long-term providers because of rising costs, poor service or irrelevant rewards.

Dragonpass said it intends to use customer intelligence and distribution technology to address those expectations. It plans to offer financial institutions, airlines and other enterprise customers a broader range of personalized benefits delivered at relevant points during the customer experience.

Dragonpass believes the combination can help loyalty programs evolve beyond traditional points-based rewards toward more immediate and contextual benefits.

Richard Bye, CEO and co-founder of iCoupon, said:

“For too long, loyalty has been constrained by fragmented ecosystems, disconnected rewards and experiences that often fail to reflect what customers genuinely value. This acquisition is about helping accelerate a shift away from traditional points-based programmes towards real-time, contextual engagement that delivers meaningful benefits exactly when and where they matter most.

By combining Dragonpass’ global distribution and customer intelligence capabilities with iCoupon’s powerful airline connected redemption infrastructure, we are creating the foundations for a new generation of loyalty; one that is intelligent, frictionless and seamlessly embedded into the everyday lives of consumers around the world.”

Dragonpass is betting that useful, low-friction rewards will matter more to customers than accumulating points.

What comes after the deal?

Over the longer term, Dragonpass intends to explore how the combined infrastructure can support loyalty programs outside aviation. The acquisition adds extensive retail integrations and operational expertise to Dragonpass’s established global benefits network.

iCoupon’s existing team will remain in place, and the company will maintain its open-network model to support continuity for current partners. Dragonpass plans to invest further in data orchestration, personalization and customer engagement technology as it expands its loyalty-as-a-service offering.

Dragonpass said the transaction strengthens its position in travel benefits and creates opportunities to deliver digital rewards across additional consumer markets.

For now, airport dining and retail are the immediate prize; broader lifestyle rewards remain a longer-term test.