Raise Secures $63 Million in Funding to Revolutionize the Gift Card Industry
Raise, a company supported by PayPal and known for its innovative digital gift cards and loyalty programs, has successfully raised $63 million in a funding round led by Haun Ventures. With this latest investment, Raise’s total funding has surpassed $220 million.
Other notable investors in this round included Amber Group, Anagram, and GSR, according to a recent press release. Based in Chicago, Raise plans to utilize these funds to enhance the development of its blockchain-backed Smart Cards and to expand the Retail Alliance Foundation, a non-profit organization dedicated to securing and modernizing the global gift card network.
The company’s vision is to transform gift cards into a “fully programmable retail currency” that not only enhances brand loyalty but also provides significant utility in the marketplace. As Raise’s founder and CEO, George Bousis, stated in an interview with CoinDesk, “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 further emphasized the need for real utility in the crypto industry, noting, “Investors are demanding substance over speculation, and consumers are tired of broken promises.” He added, “We’ve spent over a decade exploring how blockchain can drive real-world change in the multi-trillion-dollar gift card industry.”
In conjunction with the funding announcement, Raise has also revealed a new board of directors that includes prominent figures such as Marco Santori, 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 diverse backgrounds encompass expertise in fintech, cryptocurrency, and e-commerce, which will undoubtedly strengthen Raise’s strategic direction.
