CardCash.com, a web-based secondary gift card exchange, has announced that it has secured $6 million in growth financing from Guggenheim Partners. CardCash said it will use the funding to continue to enhance its popular exchange on which consumers can buy, sell, and trade the estimated $30 billion of unused gift cards.
We are excited to form this strategic partnership with Guggenheim Partners as this will help us realize our strategy and vision,” said Elliot Bohm, CEO and co-founder of CardCash.
“With Guggenheim’s investment, we can expand our brand and service to consumers across America.”
Doug Atkin, who heads Guggenheim’s venture and growth investing business, added, “CardCash fits perfectly into our strategy of investing in innovative financial exchanges. The Company has a proven track record and a first-rate management team. We look forward to our partnership and also to helping them continue to build out their exciting business.”
Annual gift card sales exceed $100 billion annually in the United States. As that number continues to grow, nearly 10% of those cards go unspent every year. To help access that locked-up capital, CardCash provides a simple and secure online exchange that allows consumers to convert these unused cards into cash.