CashStar announces partnership with global gift card marketplace
Originally published by Mainebiz on February 28, 2017.
Portland-based gift card company CashStar announced today a partnership with Raise, a global gift card company with more than 3,000 brands in its network.
In its announcement, CashStar reported the partnership with Raise will enable both companies “to provide retailers with new opportunities within the gift card marketplace, including sales enablement, brand management and risk mitigation” and will help CashStar Exchange “to offer digital gift cards on demand from an extensive network of the world’s top retailers and restaurants.”
“We are excited about our partnership with Raise, especially because they share CashStar’s commitment to providing merchants with security and control,” said Matt Kerper, vice president of strategic business development at CashStar. “This partnership will enable retailers to participate in the secondary market by making it easier for merchants to protect their brand, mitigate fraud risk and provide an excellent customer experience.”
Nearly 2 million consumers now use Raise to save money on everyday purchases using discounted gift cards. The platform also allows individuals to sell their gift cards for cash. In addition to the consumer marketplace, Raise has partnered with over 220 retail brands and is rapidly expanding its network of retailers that use their mobile and web properties to sell prepaid cards directly to consumers, according to today’s announcement.
Integrating with CashStar Exchange, Raise can connect and expand its footprint to more than 250 merchants and 40 payment processors, adding to the company’s already established retail relationships, the release stated.
CashStar’s network includes 300 leading brands worldwide, including Best Buy, Brookstone, Coach, Crate & Barrel, Dell, Dunkin’ Donuts, Gap, lululemon athletica, Nine West, Office Depot, Petco, Pottery Barn, QVC, Sephora, Staples, Starbucks, The Cheesecake Factory, The Home Depot, Ulta Beauty and Williams-Sonoma.
“When choosing a distribution partner, we were looking for a company like CashStar that is focused on technology and innovation,” said Steve Rodgers, vice president of merchant partnerships at Raise. “CashStar is a trusted prepaid platform and a technology company that understands the need to innovate as the retail payments landscape changes, making this partnership between our two companies seamless.”
Raise, described in the release as the largest gift card marketplace in the world, connects consumers to buy discounted gift cards from more than 3,000 brands or sell their unwanted gift cards for cash. With over $87.2 million in funding from Bessemer Venture Partners and New Enterprise Association, Raise is headquartered in Chicago with offices in New York City and San Francisco.