CardCash.com, which is backed by Guggenheim Partners, has bought the assets of Plastic Jungle, a former gift card marketplace that was based in San Mateo, Calif. No financial terms were disclosed. According to terms of the transaction, CardCash.com will acquire Plastic Jungle’s technology infrastructure, business partnerships and domain name, PlasticJungle.com.
BRICK, N.J., July 30, 2014 /PRNewswire/ — CardCash.com, the world’s largest independent marketplace for secondary gift cards, announced today that it has acquired the assets of Plastic Jungle, formerly a San Mateo, Calif.-based company backed by more than $25 million in venture capital. As part of the deal, CardCash.com will acquire Plastic Jungle’s technology infrastructure, business partnerships and domain name, PlasticJungle.com.
“Plastic Jungle was an industry pioneer,” said CardCash.com CEO Elliot Bohm. “They developed world-class technology and did invaluable work educating consumers about the hidden value of their gift cards.”
The company expects to complete the full transfer of services within two months.
As a leader in the secondary gift card market, CardCash.com has experienced explosive growth in recent years. The company generated sales of $56 million in 2013, compared with just $16 million in 2012.
Annual gift card sales exceeded $113 billion in the United States in 2013, with nearly 10% of those cards going unspent. CardCash.com provides a simple and secure online exchange that helps consumers convert their unused cards into cash for as much as 97% of face value. Those in the market for gift cards, meanwhile, can buy gift cards to top national brands at a discount as high as 40%.
Founded in 2008, CardCash.com offers the country’s largest and most secure selection of discounted gift cards online. The company was ranked #14 out of 100 on Forbes’ list of America’s Most Promising Companies for 2014. For two years running, Inc. magazine has included the company on its prestigious Inc. 500 list of the fastest growing private companies in America. CardCash.com raised $6 million in equity funding from Guggenheim Partners in November 2013.