Guggenheim Partners invest in CardCash
The Internet's biggest secure secondary gift card exchange announced today the closure of USD6 million growth financing pledge from the Guggenheim Partners, the global financial services company.
For its part, CardCash had said the fund would be utilized to continue in the enhancement of its popular exchange where consumers can buy, sell and trade an estimated USD30 billion of unused gift cards currently available.
According to CardCash co-founder and CEO Elliot Bohm, :"We are excited to form this strategic partnership with Guggenheim Partners as this will help us realie our strategy and vision. With Guggenheim's investment, we can expand our brand and service to consumers across America."
CardCash provides benefits to over 300 national retailers available on the CardCash exchange. The system can provide immediate revenue and profit back to retailers by matching their gift cards with consumers who purchase goods in their stores.
CardCash co-founder and COO Marc Ackerman said, "In today's economy, our ervice offers a win-win situation for buyers and sellers of gift cards. Recipients of gift cards can sell their cards on our exchange and get cash, which can then be used to pay their rent or mortgage, or to buy basic necessities. At the same time, buyers on our exchange can save on the average 10 to 15% off at their favorite merchants by purchasing these gift cards at a discount."