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Raise's $63 Million Funding and Its Vision

Raise, a key player in the global gift card market, has made waves recently by securing $63 million in a funding round led by Haun Ventures. This move aims to transform the payments and loyalty sectors through innovative blockchain technology that seeks to redefine customer engagement in the ever-expanding gift card industry.

The funding round featured participation from several well-known firms and investors, including Amber Group, Anagram, Blackpine, and Borderless Capital, alongside noted angel investors like Tekin Salimi and Raj Gokal. With this latest investment, Raise has now amassed over $220 million in total funding, building on previous backing from Accel, Paypal, and New Enterprise Associates (NEA).

George Bousis, Raise's founder and CEO, stated, "Raise has redefined how consumers interact with and value gift cards – it's about loyalty and share of wallet, not just gift-giving." This vision marks a significant pivot from traditional perceptions of gift cards. Instead of simply being transactional tools, they are to be repositioned within the consumer economy as programmable currencies that foster loyalty between brands and customers.

The Future of Gift Cards: Smart Cards

The newly acquired funding will primarily be focused on further developing Raise's flagship product: the Smart Card, which utilizes a proprietary blockchain system to bolster security and customer trust. In addition, Raise is expanding its Retail Alliance Foundation, a non-profit initiative designed to unify global brands and retailers in creating a robust, fraud-resistant gift card network. This coalition aims to enhance the overall gift card ecosystem that many consumers rely on today.

The strategic importance of blockchain in this reimagined gift card framework can't be overstated. Uniting their technology with resources from BFG Labs, the Raise team anticipates the development of a modern on-chain gift card industry that aligns with regulatory standards and technological advancements. "That time is now — the barriers that once existed are no longer obstacles," said Bousis, emphasizing the timely nature of this technological shift.

Industry Transformation and Market Relevance

Diogo Monica, General Partner at Haun Ventures, offered insights into the potential this investment encapsulates, noting, "Raise is seizing a massive, outdated market with the right mix of experience, infrastructure, and blockchain expertise." Given the gift card market’s projected growth, set to exceed $2.3 trillion by 2030, Raise's blockchain integration strategy places them at the forefront of a significant market evolution.

Since its founding in 2013, Raise has facilitated over $5 billion in transactions through its consumer app and B2B operations, maintaining a wide network of over 1,000 retail partners. The organization continues to innovate, portraying gift cards not merely as disposable, one-time tools but rather as integral parts of modern retail transactions.

New Leadership and Global Expansion

In line with the strategic funding movement, Raise has also unveiled a refreshed Board of Directors. This notable assembly includes Marco Santori, a former Chief Legal Officer at Kraken, and George Ruan, former CEO of Honey, among others who bring a wealth of experience and industry insights.

With new leadership in place and a clear roadmap ahead, Raise intends to broaden its B2B partnerships, aligning with major financial institutions and loyalty programs such as Citi Bank and BILT Rewards. Their partnership with the Polkadot Community Foundation to integrate DOT Wallet signifies their commitment toward seamless transactions in the digital space.

In summary, Raise’s bold vision, armed with significant backing and partnerships, is set to transform how consumers view and utilize gift cards in their everyday transactions. With an enriched ecosystem and innovative blockchain solutions, the company prepares itself for a leading role in revolutionizing consumer loyalty and engagement.