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It has been backed by Machroes Holding owned by Lord Mervyn Davies of Abersoch and his wife

Professional netball team the Dragons has been boosted with a significant investment.

Machroes Holdings has taken a 40% ownership stake in the Dragons. The remaining 60% is held by the game’s governing body Wales Netball. The value of the investment has not been disclosed. The Dragons are Wales’ only Netball Super League team.

Machroes is owned by former chief executive of Standard Chartered and UK Government Minister for Trade, Investment and Business, Lord Mervyn Davies of Abersoch, and his wife Lady Jeanne Marie Davies.

Wales Netball said the investment marks an important step for the future of elite netball in Wales. It follows a period of significant transformation, during which it said it has strengthened its governance, financial management and commercial foundations – putting the Dragons and the wider sport on a more sustainable footing.

The investment is also a key step in delivering Ymladd 2030, its strategic blueprint for building a financially sustainable, high-performing netball ecosystem from grassroots to elite level.

Sarah Boswell, chief executive of Wales Netball, said: “This is a landmark moment for netball in Wales. Securing this investment is a powerful endorsement of the work that has gone on behind the scenes to put our sport on a sustainable footing, and it gives the Dragons the stability and ambition to compete at the very highest level.

“Wales Netball retains majority ownership and control of the club, and this partnership allows us to accelerate everything we set out to achieve through Ymladd 2030 – from the grassroots game right through to the international stage.

“I am very excited to build on the Dragons’ performance this season with this fantastic support from Machroes Holdings and look forward to seeing the team continue to perform at the highest level.”

Chief executive of Machroes Holdings, Thomas Davies, said: We are proud to be investing in the Dragons and in the future of women’s sport in Wales. The ambition, talent and momentum at Wales Netball and the club are clear to see, and I have great confidence in the leadership and the vision being built through Ymladd 2030. This is the start of an exciting journey and we are looking forward to playing our part in it.”

Mark Loosemore, partner and head of sport at law firm Hugh James, led the team advising Wales Netball on the investment, supported by senior associate Matt Detheridge.

Mr Loosemore said:“This transaction represents a significant moment for the Dragons and Wales Netball. The investment reflects confidence in the organisation’s future and highlights the growing profile of Welsh women’s sport.

“We were pleased to support Wales Netball throughout the transaction and help bring together the arrangements needed to complete the investment. This is the beginning of an exciting new chapter for the Dragons, and we wish everyone involved every success for the future.”

The modern loyalty program occupies a curious place on corporate balance sheets, recorded as a liability that many issuers quietly prefer never comes due.

For decades the economics of credit card rewards have rested on a predictable pattern of human behavior, namely that a substantial share of the points, miles, and cash-back balances consumers earn will sit dormant, expire, or be redeemed at a fraction of their advertised worth. Programs engineered around aspirational travel, tiered status, and partner portals have rewarded the disciplined few who master their rules while leaving the majority to accumulate value they rarely convert into anything tangible. The outcome is an industry that markets generosity while monetizing friction, and a generation of younger cardholders who have grown skeptical that the figures printed on their statements bear any relationship to money they will ever actually see.

Coverd, an Andreessen Horowitz backed fintech company preparing to bring its first product to market this summer, is wagering that this arrangement has reached the end of its useful life. The company’s namesake card, developed under founder and chief executive Albert Wang, is built around a single proposition that inverts the conventional model. Where traditional programs award points to be banked and deciphered later, the newly launched Coverd Card returns cash back on many purchases instantly, in amounts that can reach the full value of the transaction. A cardholder who buys groceries, fills a tank of gas, or orders lunch may find the purchase partially offset or, in certain cases, entirely covered at the moment of the swipe.

The mechanism behind that promise is a transparent rewards matrix that the company publishes openly, an unusual posture in a category long accustomed to burying its rules in fine print. The amount a cardholder earns on any given purchase is determined by where that purchase falls within the matrix, a structure that accounts for spending category, timing, and transaction size, and that yields a defined cash-back figure in place of an opaque accrual of points. Once those rewards are earned, the company returns the decision of what to do with them to the cardholder, who may apply a balance directly as a statement credit, take it as straightforward cash back, or carry it into a set of interactive in-app features designed to let users increase what they have already earned.

That emphasis on routine, unglamorous spending is deliberate, and it marks a departure from a rewards landscape oriented largely toward frequent business travelers and high-balance luxury consumers. Coverd’s early usage data points toward the categories that dominate ordinary household budgets, with cardholders concentrating their activity at major retailers and quick-service or fast-food restaurants including. The company has positioned the card around the spending of the broad majority of consumers whose everyday purchases have historically generated the thinnest and slowest-accruing rewards, a population that legacy programs have been comparatively slow to court.

The interactive layer reflects a wider shift in how a younger cohort of consumers expects to engage with financial products. Major investing, prediction market, and language learning companies have shown that introducing elements of immediacy, feedback, and play into categories once regarded as static can meaningfully change the frequency and depth of user engagement. Coverd is applying a comparable logic to the most habitual financial activity in most people’s lives, on the premise that rewards experienced in real time and shaped by the user carry a resonance that deferred points have never managed to deliver.

The early signals suggest the proposition is finding an audience ahead of the card’s formal debut. Coverd reports a waitlist of roughly 50,000 prospective cardholders and says it has covered more than $25 million in consumer purchases through its app to date, including more than $10 million in the month of May 2026 alone. Pre-launch, the company reports its application has been drawing approximately 3,000 downloads, pre launch.

Coverd has raised capital from a group of investors that includes Andreessen Horowitz, through its Speedrun program, along with Tusk Ventures, Yolo Investments, WndrCo, and Volt Capital. Its card is issued through Rain, a blockchain-based card infrastructure platform valued at $1.95 billion.

Whether Coverd can convert pre-launch enthusiasm into a durable market position will depend on questions that only scale can answer, among them the economics of returning so much value to cardholders so quickly and the company’s ability to sustain its rewards matrix as its user base expands. What the company has identified, and what its early traction appears to support, is a real gap between the way the rewards industry has long operated and the way a rising generation of consumers expects to interact with their money.

If that gap proves as wide and as lasting as Coverd is betting, the card’s arrival this June may register less as the debut of a single product than as an early marker of where credit card rewards are heading.