“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", said Elliot Bohm, CEO and co-founder of CardCash.com.
Brick, NJ (PRWEB) January 28, 2014
CardCash.com, the web’s leading discounted gift card exchange, was ranked this week as the 14th Most Promising Company in America by Forbes magazine. This is the second straight year that CardCash.com 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.
Forbes’ third annual list of America’s Most Promising Companies recognizes 100 privately-held, high-growth companies. Companies that made the cut boast compelling business models, strong management teams, as well as notable customers and investors.
Forbes strove for a holistic gauge of young, privately-held businesses, attempting to pin down their trajectories by taking a range of variables into account. Over the course of four months Forbes reviewed hundreds of applications. The final assessment is based on growth (both in sales and hiring), quality of management teams and investors, margins, market size and key partnerships. After verifying sales numbers, speaking with each company and debating their merits and blemishes, Forbes produces a final ranking.
The full list of companies is available online at http://www.forbes.com/most-promising-companies/list/
Headquartered in Brick, NJ and backed by Guggenheim Patners, CardCash.com presently offers the largest selection of discounted gift cards online and has the highest standards of security implemented to help streamline the sales and purchases of gift cards on the secondary market.
CardCash.com was previously ranked by Forbes as #85 on America’s 100 Most Promising Companies for 2013, and by Inc Magazine two years running, in both 2012 and 2013, on the Inc. 500's list of fastest growing private companies in America.