Raise Marketplace, a Chicago-based firm that offers the Raise gift card app, has launched Slide, a new mobile payments app with a 4% rewards feature and an initial lineup of merchant partners that includes Lowe's, Ulta Beauty and Chipotle among 150 retailers.

Raise is backed by several venture capital partners, including PayPal, Accel Partners, Bessemer Venture Partners and New Enterprise Associates.

"Through our success with Raise and in talking with our customers, we know that value and convenience are two uncompromisable aspects of any digital experience," Jay Klauminzer, CEO of Raise, said in a company release. "With all the payment platforms and loyalty programs from retailers today, we've created a single destination for instant rewards that consumers can easily incorporate into their daily shopping routines."

He said the company's goal is to combine the speed, simplicity and accessibility of digital payments with a cash back model, making mobile payments easier and more rewarding.

The Slide app can be linked to Apple Pay, Google Pay, credit cards and deposit funds and pays instant cash back onto customer accounts. The app is available on iOS or Android.