Raise, a digital gift card and blockchain payments company, has successfully closed a $63 million funding round. The Miami-based company has now raised about $220 million in total. The funds will be used to develop its blockchain-backed gift card program and support the Retail Alliance Foundation, a nonprofit coalition aimed at creating a secure gift card network.
The funding round was led by Ventures and included participation from crypto-focused investors such as the Web3 Foundation, Borderless Capital, and Amber Group. This investment shows strong confidence from cryptocurrency firms in Raise’s vision and technology. Raise has also appointed new members to its board of directors, including Marco Santori, former Chief Legal Officer at Kraken Digital Asset Exchange and former President of Blockchain.com; George Ruan, former CEO of the shopping tool firm Honey; Matt Maloney, founder of a dining delivery company; and Björn Wagner, CEO of Parity Technologies, a blockchain business.
Since 2013, Raise has partnered with around 1,000 retailers and facilitated about $5 billion in transactions for nearly 7 million users. The company works with brands like DoorDash, Uber, and Lowe’s.
Raise secures major crypto investment
The Raise app integrates with digital wallets, including MetaMask. Raise also provides digital services to businesses, helping with loyalty programs and payment processing through partnerships with financial institutions like Citibank. “For over a decade, we’ve invested tens of millions of dollars in bringing gift cards and loyalty programs on-chain,” said Raise CEO and founder George Bousis.
“Now, we’re making a nine-figure commitment over the next several years to fully realize this vision.” Bousis noted that this ambitious outlook was made possible by the supportive regulatory framework and technological maturity in the blockchain and crypto space. Raise is well-positioned to benefit from the growth of the gift card market, which is expected to reach $3.09 trillion globally. The company recently launched its app in the UK and Canada as part of its international expansion.
Previous investors in Raise include PayPal and venture capital firms Accel and New Enterprise Associates. With the new funding, Raise plans to continue innovating and expanding its market presence, transforming the digital gift card industry with blockchain technology.
