Sterling Provides CardCash.com Debt Financing
CardCash.com secured $6 million in debt financing from Sterling National Bank, based in Montebello, NY. The funding will be used to finance CardCash.com’s inventory of gift cards, currently the largest in the growing secondary market.
The current round of funding comes on the heels of equity financing secured by CardCash during the past year. The company partnered with Guggenheim Partners, a global financial services firm, and InComm, a leading provider of connectivity and integrated point-of-sale technology solutions to retailers. Combined with the most recent funding from Sterling National Bank, CardCash has secured close to $15 million in financing over the last year.
“This is an exciting day for our company, and a testament to our growth and stability,” says CardCash.com CEO and co-founder, Elliot Bohm. “Leveraging the commercial lending expertise of Sterling National Bank will be a big benefit to our business moving forward. CardCash.com has been profitable since its founding in 2008.”
“The economy has taken a turn for the better, yet America’s working class hasn’t seen a salary increase as a result of this uptick,” says COO and co-founder Marc Ackerman. “This leaves your everyday consumer still struggling to make ends meet.”
“Our service offers a win-win situation for gift card buyers and sellers. Consumers can sell their gift cards on our exchange and get cash to pay their rent or mortgage, or to buy basic necessities. Buyers, meanwhile, can save on average 10-15% at their favorite merchants by purchasing our gift cards at a discount.”
In May, CardCash acquired its largest competitor Plastic Jungle. It has since entered into strategic partnerships with CVS Pharmacy, and United Airlines.
New Jersey-based CardCash.com offers discounted gift cards online.