Cards

A Prominent Player from the World of Gift Cards

MEDICI

Raise is an online marketplace where individuals can sell their unwanted gift cards for cash or buy discount gift cards to virtually any brand. Gift cards are redeemed electronically either via mobile, voucher or online. Since its inception in February 2013, it is empowering consumers to increase their purchase power so they can give themselves ways to cater to savings. Shoppers can buy discounted gift cards to save on everyday essentials, and sellers can earn cash for otherwise unwanted gift cards to spend when, where and how they choose.

Before you shop online or in stores, you can browse through the Raise marketplace to find discounted gift cards to brands such as Target, The Home Depot, and Macy’s. You can also search by brand, category, or value, and simply add to your shopping cart. There is free shipping on all gift cards. Each gift card listing displays the full value of the gift card, the seller’s asking price, and the percentage of money saved. Physical gift cards are shipped by mail for in-store redemption, and eGift cards are available electronically in the Raise Account for online redemption.

The Raise marketplace also allows the sale of gift cards for cash at the price chosen by seller. It accepts gift cards and merchandise credit from any brand or restaurant, and the seller gets paid when the gift card sells. One can simply choose the selling price, and gift cards get featured on the marketplace in front of thousands of savvy shoppers. Raise marketplace is also available as a mobile app but only for iOS users.

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The free marketplace keeps the discounts competitive, as sellers in a hurry often offer a steeper discounts to get paid faster. Consumers can rapidly find a discounted gift card using the mobile app, purchase it in the iOS application, and then present a barcode for scanning at point-of-sale to reduce total expenses while shopping.

Raise had raised funding worth $18.1 Mn in December 2013. The company has offered 3,000 brands’ gift cards to date. At any given time, the marketplace showcases availability of 750 to 850 brands. The company is expecting to save over $10 Mn in current holiday season. Raise takes a 15% commission on gift card sales.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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