Gift cards have long been a retail staple, but blockchain platform Raise is trying to make them something more than a plastic afterthought. The company has secured $63 million in new funding led by Haun Ventures. This brings Raise’s total funding past $220 million, adding to previous investments from PayPal, Accel, and NEA.
Raise is pushing a shift toward blockchain-backed gift cards, aiming to make them more secure, flexible, and fraud-resistant. The company plans to expand Smart Cards, its proprietary system that turns gift cards into programmable digital assets, and grow the Retail Alliance Foundation, a coalition focused on retailer adoption.
George Bousis, founder and CEO of Raise, said: “Raise has redefined how consumers interact with and value gift cards – it’s about loyalty and share of wallet, not just gift-giving. For over a decade, we’ve invested tens of millions of dollars in bringing gift cards and loyalty programmes on-chain. Now, we’re making a nine-figure commitment over the next several years to fully realise this vision. 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. That time is now – the barriers that once existed are no longer obstacles.”
Building the future of gift cards
Blockchain integrations are already underway, with DOT Wallet set to be incorporated through a Polkadot Community Foundation partnership. Raise is also integrating with major digital wallets, including Coinbase, MetaMask, and Trust, broadening its reach beyond traditional retail. Meanwhile, B2B partnerships with Citi Bank and BILT Rewards are part of a larger strategy to embed Raise’s technology into loyalty programmes and financial services.
To reinforce its vision, Raise has added new board members, including former GrubHub CEO Matt Maloney and ex-Honey CEO George Ruan. Their experience in scaling consumer-focused platforms suggests Raise is positioning itself for wider adoption.
With global gift card sales projected to hit $2.3 trillion by 2030, Raise is banking on retailers and consumers embracing a digital-first approach.