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CardCash
Company typePrivate
IndustryConsumer Products & Services
Founded2008
FounderElliot Bohm, Marc Ackerman
HeadquartersBrick, New Jersey
Area served
United States
Key people
  • Elliot Bohm (CEO), * Marc Ackerman (COO) * Avery Kornbluth (CTO/CIO)
ServicesTrading
Number of employees
120
Website[%C2%A0http://www.cardcash.com CardCash site]

CardCash is an American trading 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 2008 by its current CEO Elliot Bohm and COO Marc Ackerman.[2] CardCash has been mentioned on several notable magazines like Forbes[3][4] and Inc.[5] and appeared in TV programs like Fox News,[6] CBS Miami,[7] CNBC,[8] ABC,[9] NBC News, and received reviews from major media such as MSN Money,[10] Orlando Sentinel,[11] CBS Boston,[12] and MainStreet[13] which was acquired by Kohl's.

History

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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.[14][15] Before creating CardCash, Bohm made a living reselling discounted electronics 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 2008. 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.[16][17] In 2014, it raised $6 million in debt funding from Sterling National Bank, a subsidiary of Sterling Bancorp.[18] In July 2014, they acquired their competitor PlasticJungle which was based in Silicon Valley. Through this acquisition, CardCash now owns Plastic Jungle's technology infrastructure, business partnerships and domain name, PlasticJungle.com.[19] 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[20] CardCash has also inked deals with CVS,[21] United Airlines and Walmart.[22][23]

Awards and recognition

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CardCash grew to rank number 14 out of 100 on Forbes' list of America's Most Promising Companies for 2014 and was featured twice in Forbes[24] and Inc.[5][25] In 2014, CardCash ranked number 199 in the “Top Consumer Products & Services Companies” category and number 8 in the “Top Companies in New Jersey on the 2014 Inc. 5000” category. Inc. magazine also ranked CardCash number 245 in 2013 and number 68 in 2012. In 2014, CEO Elliot Bohm was recognized as one “America's Most Promising CEOs Under 35.”[4] CardCash has been mentioned in several media outlets like Fox News, ABC, NBC News, CBS, CBS Denver, CNBC, The CW33, (Dallas, Texas), Kron 4.

See also

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References

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  1. ^ "CardCash.com". CrunchBase. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  2. ^ "CardCash profile". Inc. (magazine). Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  3. ^ a b 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.{{cite web}}: CS1 maint: url-status (link)
  4. ^ a b "America's Most Promising CEOs Under 35". Forbes. 2015-02-14. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  5. ^ a b c John McDermott (2012-04-09). "CardCash: The Cure for Unwanted Gift Cards". Inc. (magazine). Retrieved 2015-02-16.{{cite web}}: CS1 maint: url-status (link) Cite error: The named reference "inc." was defined multiple times with different content (see the help page).
  6. ^ "Get cash for old and unused gift cards?". Fox Business. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  7. ^ "Website Offers Cash For Unused Gift Cards". CBS. 2011-01-21. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  8. ^ Herb Weisbaum (2013-12-07). "Seven ways to save on gift card purchases". CNBC. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  9. ^ "Walmart Will Trade You for Other Merchants' Gift Cards". ABC. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  10. ^ Jessica Dickler (2011-11-01). "Gift cards: Season's most popular gift is often exchanged". MSN Money. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  11. ^ Greg Dawson (2011-06-21). "Gift cards – use 'em or lose 'em" (Document). Orlando Sentinel. {{cite document}}: Cite has empty unknown parameter: |url= (help); Unknown parameter |url-status= ignored (help)
  12. ^ "Business Headlines: Gift Cards Still Popular; New Minority Business Center". CBS Boston News. 2011-01-21. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  13. ^ Matt Brownell (2012-01-04). "The Best Ways to Use Your Unwanted Gift Cards". MainStreet. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  14. ^ Maggie Shader (2011-12-26). "Four reasons to use those gift cards now". Consumer Reports News. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  15. ^ "Business Headlines: Gift Cards Still Popular; New Minority Business Center" (Document). CBS Boston News. 2011-01-21. {{cite document}}: Cite has empty unknown parameter: |url= (help); Unknown parameter |url-status= ignored (help)
  16. ^ "Investments 9 Investments in 7 Companies". CrunchBase. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  17. ^ The Editors of Inc. "Why You Shouldn't Always Be Looking for Venture Capital". Inc. (magazine). Retrieved 2015-02-21. {{cite web}}: |author= has generic name (help)CS1 maint: url-status (link)
  18. ^ "Investments 2 Investments". CrunchBase. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  19. ^ Sarah Drake (2014-08-01). "Gift card exchange Plastic Jungle bought by rival CardCash.com". Silicon Valley Business Journal. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  20. ^ "CardCash.com Enters into Partnership Agreement with Prepaid Giant InComm". Yahoo! Finance. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  21. ^ "Trade Gift Cards". CVS. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  22. ^ Anne D’Innocenzio (2014-12-24). "Walmart letting customers exchange gift cards". Boston Globe. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  23. ^ 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.{{cite web}}: CS1 maint: url-status (link)
  24. ^ Wendy Furrer Egan (2014-01-22). "Forbes Ranks America's 50 Most Promising Private Companies". Forbes. Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
  25. ^ "Top Consumer Products & Services Companies on the 2014 Inc. 5000". Inc. (magazine). Retrieved 2015-02-14.{{cite web}}: CS1 maint: url-status (link)
[edit]

Category:2008 establishments in New Jersey Category:Retail companies of the United States Category:Trading companies Category:Companies based in New Jersey

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