Raise Secures $63 Million Funding to Transform Gift Cards with Blockchain Technology
Brief news summary
Raise, a Chicago-based firm focused on digital gift cards and loyalty programs, has successfully secured $63 million in a funding round led by Haun Ventures, bringing its total funding to over $220 million. This round of investment also saw participation from notable investors such as Amber Group, Anagram, and GSR. The capital will be allocated towards enhancing Raise's blockchain-based Smart Cards and advancing its Retail Alliance Foundation, aimed at revolutionizing the global gift card market. The company's vision is to evolve gift cards into a "fully programmable retail currency" that enhances brand loyalty. CEO George Bousis highlighted that this initiative is supported by extensive R&D efforts to create a resilient on-chain currency, particularly as the cryptocurrency sector matures and necessitates practical applications to regain investor trust. Furthermore, Raise has expanded its board of directors to include prominent figures such as Marco Santori, George Ruan, Matt Maloney, and Bjorn Wagner. Their collective expertise in fintech, cryptocurrency, and e-commerce will be instrumental in guiding Raise's future strategies and innovations.Raise, a company backed by PayPal that specializes in digital gift cards and loyalty programs, has successfully secured $63 million in funding led by Haun Ventures. This latest round brings Raise’s total funding to over $220 million. Other contributors to this funding round include Amber Group, Anagram, and GSR, as detailed in a press release. Based in Chicago, Raise plans to utilize the investment to enhance its blockchain-based Smart Cards and to further develop the Retail Alliance Foundation, a non-profit dedicated to modernizing and securing the global gift card network. The company envisions transforming gift cards into a “fully programmable retail currency” that boosts brand loyalty.
"This isn't merely a response to market trends; it's the culmination of years of investment, research, and infrastructure development aimed at creating a completely on-chain, programmable retail currency, ” said George Bousis, the platform’s founder and CEO, in an interview with CoinDesk. “The crypto sector is in urgent need of genuine utility. Investors now prioritize substance over speculation, while consumers have grown weary of unfulfilled promises, ” Bousis mentioned. “We’ve dedicated over a decade to exploring how blockchain can instigate meaningful change within the multi-trillion-dollar gift card market. ” In conjunction with the funding announcement, the company revealed a new board of directors that includes Marco Santori, the former Chief Legal Officer of Kraken; George Ruan, co-founder of Honey; Matt Maloney, founder of GrubHub; and Bjorn Wagner, CEO of Parity Technologies. Their extensive experience encompasses fintech, cryptocurrency, and e-commerce.
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Raise Secures $63 Million Funding to Transform Gift Cards with Blockchain Technology
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