Raise has obtained $63 million in funding to develop blockchain-powered gift cards and expand its nonprofit initiative. The company, known for facilitating gift card transactions, aims to enhance security and reliability in the industry. By integrating blockchain technology, Raise seeks to provide consumers with a more secure and efficient way to manage gift cards. The funding will also support the Retail Alliance Foundation, a coalition focused on improving the global gift card network. This investment highlights the ongoing efforts to digitize and modernize traditional payment systems.
Raise previously introduced digital solutions for gift card transactions, including its mobile app and the GCX exchange platform. Over the years, the company has processed more than $5 billion in transactions, demonstrating significant market demand. Earlier initiatives focused on providing users with the option to buy and sell gift cards, ensuring flexibility and usability. The adoption of blockchain technology marks an extension of these efforts, aiming to further enhance security and transparency in the sector.
How Will the New Funding Be Utilized?
The newly acquired capital will support the development of Raise’s blockchain-based Smart Cards program. This initiative will enable consumers to manage digital gift cards on-chain, reducing fraud and increasing efficiency. Additionally, the investment will strengthen the Retail Alliance Foundation, which collaborates with global retailers and brands to create a more secure gift card ecosystem. By leveraging blockchain technology, Raise intends to address vulnerabilities that have historically affected the industry.
What Are the Perspectives on Raise’s Blockchain Strategy?
Raise founder and CEO George Bousis emphasized that advancements in regulatory frameworks and blockchain maturity have made this initiative feasible.
“Having been involved in blockchain and crypto since its early days, we waited for the right regulatory framework and the technological maturity to support a fully reconfigured, on-chain gift card industry,” Bousis stated. “That time is now — the barriers that once existed are no longer obstacles.”
Haun Ventures, which led the funding round, expressed confidence in Raise’s ability to modernize the gift card market.
“Raise is seizing a massive, outdated market with the right mix of experience, infrastructure and blockchain expertise,” said Diogo Monica, General Partner at Haun Ventures. “With deep industry ties and a real plan for adoption, this isn’t just a bet on the future of gift cards — it’s an investment in a proven team solving a trillion-dollar problem.”
Raise has nearly 7 million users and over 1,000 retail partnerships, reflecting its established presence in the digital payment space. The company initially gained traction by allowing users to exchange unused gift cards for cash. Blockchain integration is expected to further increase consumer trust in digital transactions while addressing inefficiencies in the conventional system. By ensuring gift cards remain secure and verifiable, Raise aims to prevent issues such as fraud and mismanagement.
The introduction of blockchain-powered gift cards represents an effort to modernize payment options while maintaining accessibility for consumers. While digital payments continue to evolve, securing reliable and fraud-resistant transactions remains a priority. Raise’s initiatives align with broader trends in the fintech sector, where transparency and security are critical concerns. The funding will allow the company to scale its efforts and explore further opportunities in digital commerce. As blockchain adoption grows, its application in payment solutions is expected to expand, potentially influencing other sectors beyond gift cards.
