Voyager’s rewards program, a part of which was once the target of a state regulator investigation, was run at a loss to the company almost every month since its inception.

The rewards program lost over $13 million during the first three months of 2022 and in total lost $58 million in the year, according to the filings.

Voyager executives voiced concerns about the significant loss in providing users high yield as part of its rewards program, according to court filings published late Tuesday.

The executives said they viewed the reward program cost as a marketing expense necessary for user acquisition, the filings say. In November 2021, they cited the reward and loyalty program as the mechanism that pushed them over the 1 million account mark.

(By Sam Reynolds)

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