Raise, a Chicago, IL-based retail payments company, raised $60m in Series C funding.
The round was led by Accel, with participation from PayPal and existing investors New Enterprise Associates (NEA) and Bessemer Venture Partners. As part of this round, Sameer Gandhi of Accel and Chicago entrepreneur Mark Tebbe will join Raise’s board of directors.
The company, which has now raised more than $147m in total funding, will use the new funds to accelerate the development of its closed loop mobile payments network, deepen its focus on the future of prepaid cards, while building the retail partnerships team.
Led by George Bousis, founder and CEO, Raise is a retail payments company and gift card marketplace, which connects consumers to buy discounted gift cards or sell their unwanted cards for cash. Using the Raise mobile wallet app on iOS and Android, consumers can instantly make purchases at over 3,000 brands available on the marketplace. In addition, the company’s payments network aligns nearly 400 national brands with consumers, offering insights into shopping behavior, both online and offline.