Chicago based online gift card marketplace Raise, who acquired portfolio company Slide, has secured $50m in Series C funding led by Accel Partners. Raise lets consumers buy and sell gift cards online.
Raise has taken advantage of the explosive gift card industry by offering consumers an easy way to dump unwanted gift cards and buy better ones at a discount. Since launching in 2013, the company says it has helped millions of users to save $140 million. Raise takes a 12% cut of each gift card sale. Now it's focusing on building out a mobile wallet for gift cards, wherein shoppers can purchase cards from 3,000 retailers via the app and then pay for purchases online or at the cash register. "We're trying to change consumer behavior to think of Raise before they purchase anything," says George Bousis, founder and CEO of Raise.