CardCash.com was ranked this month as the 14th Most Promising Company in America by Forbes magazine. This is the second straight year that CardCash.com, the web’s largest gift card exchange, was included by Forbes in their annual ranking of America’s Most Promising Companies — a holistic list of 100 privately held, high-growth companies with bright futures.
“We’re honored to be recognized by Forbes for the second straight year as one of America’s companies on the rise”, said Elliot Bohm, CEO and co-founder of CardCash.com. “The honor is a testament to the hard work and dedication of our entire team in making the purchase and sale of unwanted gift cards a daily reality for hundreds of thousands of Americans.
In 2013 CardCash.com’s explosive growth continued, with revenue rising by more than 300%, from $17 million in 2012 to $56 million in 2013. The growth is in line with what CardCash has seen since its inception in 2008.
Among the highlights in 2013 for CardCash.com were: entering into a number of strategic partnerships in the secondary gift card marketplace; beginning to accept the sale of digital gift cards as the industry trends towards electronic gift cards; and closing on $6 million in Series A venture funding from Guggenheim Partners in November.
CardCash.com’s secure gift card marketplace allows the website to purchase gift cards from over 700 merchants, offering as much as 97% of the card’s value for cards that would otherwise go unused. CardCash then turns around and sells these cards to consumers who are happy to save as much as 35% on their everyday purchases.
Annual gift card sales exceed $110 billion annually in the United States, according to a recent survey from the CEB Tower Group. As that number continues to grow, nearly 10% of those cards go unspent every year. To help access that locked-up capital, CardCash.com provides a simple and secure online exchange that allows consumers to convert these unused cards into cash.