Raise Brings In $60 Million

Fintech startup Raise completed $60 million in Series C financing led by Accel Partners, with participation from PayPal, New Enterprise Associates, and Bessemer Venture Partners.

Raise is a secondary gift card marketplace, where people can sell gift cards for cash or buy discount gift cards from a range of more than 3,000 brands. Raise aims to offer a new type of digital payment for retailers. Since the marketplace launched in 2013, Raise claims to have saved consumers more than $125 million.

The company revealed that Raise will use the new funds to accelerate development of its closed loop mobile payments network. The company also plans to deepen its focus on the future of prepaid cards while aggressively building a world-class retail partnerships team.