Raise Secures $63M to Transform Gift Cards with Blockchain
Raise, a company backed by PayPal, has raised $63 million in a new funding round. Investors include Accel, New Enterprise Associates, and others, bringing the company’s total funding to over $220 million. The goal is to improve gift card security and flexibility using blockchain technology.
How It Works
Raise is introducing “Smart Cards,” which turn regular gift cards into blockchain-based tokens. This makes transactions more secure and prevents fraud. It also allows retailers to set rules—like expiration dates or loyalty rewards—directly into gift cards using smart contracts.
Industry Impact
CEO George Bousis says this technology, developed over the past decade, solves major problems like counterfeiting and compatibility between different brands. The company is also working with the Retail Alliance Foundation, a nonprofit, to create global blockchain standards for gift cards.
Future Plans
Raise aims to make gift cards function like digital “retail currency” that boosts customer loyalty. With the gift card market expected to grow beyond $2.3 trillion by 2030, Raise is positioning Smart Cards as a key player in this space.
While challenges like regulations remain, Raise is partnering with companies such as WalletConnect and Polkadot to make blockchain adoption easier. The company plans to invest hundreds of millions over the coming years to expand its platform and make Smart Cards a major Web3 payment and loyalty tool.
