Raise has successfully secured $63 million in a funding round aimed at accelerating its initiatives to integrate gift cards and loyalty programs onto the blockchain. The capital gained will be used to enhance its blockchain-enabled gift card program, known as Smart Cards, and to broaden its nonprofit coalition, the Retail Alliance Foundation. This initiative is focused on uniting global retailers and brands to establish a more secure gift card network, as per a press release issued on Wednesday, February 26. “Having participated in the blockchain and crypto space since its inception, we waited for a suitable regulatory framework and the technological advancements necessary for a complete overhaul of the on-chain gift card industry, ” stated Raise founder and CEO George Bousis in the release. “The moment is now—the hurdles that once existed have been eliminated. ” Since its launch in 2013, Raise has facilitated over $5 billion in transactions through its consumer app, the GCX gift card exchange, and its B2B operations, according to the press release. The company boasts nearly 7 million users and has formed partnerships with more than 1, 000 retailers, as mentioned in the release. With the introduction of blockchain-based gift cards, Raise aims to enhance the value and trust that consumers associate with gift cards, the release noted. The recent funding round was primarily led by Haun Ventures. “Raise is tapping into a massive, outdated market with the right blend of experience, infrastructure, and blockchain know-how, ” remarked Haun Ventures General Partner Diogo Monica in the release.

“Armed with strong industry connections and a concrete plan for adoption, this isn’t merely a gamble on the future of gift cards—it’s an investment in a capable team addressing a trillion-dollar challenge. ” Raise developed its mobile application and eCommerce marketplace to empower consumers to buy and sell gift cards to one another, ultimately providing greater value for both buyers and sellers. Bousis shared insights with PYMNTS in a 2017 interview about this vision. “In numerous industries, hundreds of billions of dollars in gift cards are sold annually, yet a significant portion remains unspent. This platform is designed to change that by providing cash to individuals who no longer want their gift cards, ” Bousis explained.