CardCash

CardCash
Private
Industry Consumer Products & Services
Founded 2009 (2009), Brick, New Jersey
Founder Elliot Bohm, Marc Ackerman
Headquarters Brick, New Jersey
Area served
 United States
Key people
  • Elliot Bohm (CEO), * Marc Ackerman (COO) * Avery Kornbluth (CTO/CIO)
Services Trading
Number of employees
 120
Website CardCash site

CardCash is an American company headquartered in Brick, New Jersey that operates an online gift card marketplace where users can buy and sell discounted gift cards.[1] The company was co-founded in 2009 by its current CEO Elliot Bohm and COO Marc Ackerman.[2] CardCash has been cited in several media like Forbes,[3][4] Inc.[5] ABC,[6] and Orlando Sentinel.[7]

History

CardCash was created by Bohm and Ackerman after one holiday season when they were left with several unused gift cards, much like other consumers. In fact, a 2008 Consumer Reports survey found that a quarter of gift card recipients do not use the cards within a year and eventually lose them.[8][9] Before creating CardCash, Bohm made a living reselling discounted electronic devices and Ackerman worked in the real estate industry in Brooklyn. Their experiences with markets, price fluctuations and price algorithm technology have been invaluable since the company was founded in 2009. From its humble origins, CardCash grew over the years to being cited in Forbes magazine,[3] and in Inc.’s list of the fastest growing private companies in America.[5] CardCash raised $6 million in equity funding from Guggenheim Partners in November 2013.[10][11] In 2014, it raised $6 million in debt funding from Sterling National Bank, a subsidiary of Sterling Bancorp.[12] In July 2014, it acquired its competitor Plastic Jungle based in Silicon Valley. Through this acquisition, CardCash now owns Plastic Jungle's technology infrastructure, business partnerships and domain name, PlasticJungle.com.[13] In October 2014, CardCash entered into a strategic partnership with Incomm Corporation. The relationship will allow CardCash to integrate its online gift card exchange with thousands of InComm's retail partner locations across the country[14] CardCash has also inked deals with CVS,[15] United Airlines and Walmart.[16][17][18]

Awards and recognition

CardCash has been included on Forbes' list of America's Most Promising Companies for 2014 and also featured twice in Forbes[19] and Inc.[5][20] In 2014, CardCash was included in the list of “Top Consumer Products & Services Companies” category and “Top Companies in New Jersey on the 2014 Inc. 5000”. In 2014, CEO Elliot Bohm was recognized as one “America's Most Promising CEOs Under 35.”[4]

See also

References

  1. ↑ "CardCash.com". CrunchBase. Retrieved 2015-02-14.
  2. ↑ "CardCash profile". Inc. (magazine). Retrieved 2015-02-14.
  3. 1 2 Karsten Strauss (2015-02-14). "Your Unwanted Gift Cards Are Worth Millions--These Guys Are Building An Empire With Them". Forbes. Retrieved 2015-02-14.
  4. 1 2 "America's Most Promising CEOs Under 35". Forbes. 2015-02-14. Retrieved 2015-02-14.
  5. 1 2 3 John McDermott (2012-04-09). "CardCash: The Cure for Unwanted Gift Cards". Inc. (magazine). Retrieved 2015-02-16.
  6. ↑ "Walmart Will Trade You for Other Merchants’ Gift Cards". ABC. Retrieved 2015-02-14.
  7. ↑ Greg Dawson (2011-06-21). "Gift cards – use ‘em or lose ‘em". Orlando Sentinel.
  8. ↑ Maggie Shader (2011-12-26). "Four reasons to use those gift cards now". Consumer Reports News. Retrieved 2015-02-14.
  9. ↑ "Business Headlines: Gift Cards Still Popular; New Minority Business Center". CBS Boston News. 2011-01-21.
  10. ↑ "Investments 9 Investments in 7 Companies". CrunchBase. Retrieved 2015-02-14.
  11. ↑ The Editors of Inc. "Why You Shouldn't Always Be Looking for Venture Capital". Inc. (magazine). Retrieved 2015-02-21.
  12. ↑ "Investments 2 Investments". CrunchBase. Retrieved 2015-02-14.
  13. ↑ Sarah Drake (2014-08-01). "Gift card exchange Plastic Jungle bought by rival CardCash.com". Silicon Valley Business Journal. Retrieved 2015-02-14.
  14. ↑ "CardCash.com Enters into Partnership Agreement with Prepaid Giant InComm". Yahoo! Finance. Retrieved 2015-02-14.
  15. ↑ "Trade Gift Cards". CVS. Retrieved 2015-02-14.
  16. ↑ Jacob Davidson (2014-12-24). "Walmart Will Trade You for Other Merchants’ Gift Cards". Time, Money. Retrieved 2015-02-14.
  17. ↑ Anne D’Innocenzio (2014-12-24). "Walmart letting customers exchange gift cards". Boston Globe. Retrieved 2015-02-14.
  18. ↑ Karsten Strauss (2015-01-27). "CardCash Inks Wal-Mart Deal To Grab A Bigger Chunk Of The Used Gift Card Market". Forbes. Retrieved 2015-02-14.
  19. ↑ Wendy Furrer Egan (2014-01-22). "Forbes Ranks America's 50 Most Promising Private Companies". Forbes. Retrieved 2015-02-14.
  20. ↑ "Top Consumer Products & Services Companies on the 2014 Inc. 5000". Inc. (magazine). Retrieved 2015-02-14.

External links

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