PayPal-Backed Raise Secures $63M to Expand Blockchain-Based Gift Card System
Raise, a digital gift card and loyalty program provider backed by PayPal, has secured $63 million in a funding round led by Haun Ventures. This investment brings Raise’s total funding to over $220 million.
Advancing Blockchain-Powered Gift Cards
The newly acquired funds will be utilized to enhance Raise’s proprietary blockchain-backed gift card program, known as Smart Cards. These Smart Cards aim to transform traditional gift cards into programmable retail currencies, offering improved security, real-time tracking, and greater flexibility for both retailers and consumers.
Formation of the Retail Alliance Foundation
In addition to product development, Raise plans to expand the Retail Alliance Foundation, a nonprofit coalition of retailers and consumer goods companies. This initiative seeks to modernize and secure the global gift card network by creating a fraud-resistant, interoperable system that benefits businesses and consumers alike.
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Strategic Board Appointments
To support its growth and integration of blockchain technology, Raise has appointed several industry veterans to its board of directors:
- Marco Santori: Former Chief Legal Officer at Kraken Digital Asset Exchange.
- George Ruan: Co-founder and former CEO of Honey.
- Matt Maloney: Founder and former CEO of GrubHub.
- Björn Wagner: CEO of Parity Technologies.
These appointments bring a wealth of experience from the fintech, crypto, and e-commerce sectors, positioning Raise to effectively navigate the evolving digital payments landscape.
CEO’s Vision for the Future
Founder and CEO George Bousis emphasized that this strategic move is the culmination of years of investment, research, and infrastructure development. He stated, “This isn’t a reaction to market trends—it’s the result of years of investment, research, and infrastructure-building to bring a fully on-chain, programmable retail currency to life.”
Bousis also highlighted the necessity for tangible utility in the crypto industry, noting that both investors and consumers are seeking substance over speculation. With over a decade of exploration into how blockchain can revolutionize the multi-trillion-dollar gift card industry, Raise is poised to lead this transformative shift.
Market Implications
This significant investment underscores the growing confidence in blockchain’s potential to enhance traditional financial systems. By integrating blockchain technology into gift cards, Raise aims to provide a more secure, flexible, and fraud-resistant solution, potentially setting new standards in the payments and loyalty industry.
Sources:
- Raise Secures $63 Million to Transform the Payments and Loyalty Industry with Blockchain-Powered Gift Cards
- PayPal-Backed Raise Secures $63M to Expand Blockchain-Based Gift Card System
- Digital Gift Card Provider Raise Closes $63M Round
- Raise Gets $63M to Build Blockchain-Backed Gift Card Program
- Gift Card Startup Raise Expands Into Crypto with $63M Funding Round Led by Haun Ventures
- Raise Nets $63 Million in Round Led by Haun Ventures to Build a Blockchain-Based Gift Card System
- Raise Secures $63M to Expand Blockchain Gift Cards
