Banking giant Citi has picked up a strategic stake in Plastic Jungle, an online gift card exchange hub, according to a report by Finextra.com.
The California-based company was founded in 2006 and created an online marketplace for people to sell, buy, exchange and donate gift cards. Users are able to sell unwanted gift cards for up to 92% of the value as well as buy them for up to 35% off.
According to the firm, there is up to $41 billion in unredeemed gift cards “trapped” in the U.S. economy and this marketplace helps unlock them for consumers.
“Our interests line up with many of Citi’s interests, and this funding gives us an excellent opportunity to accelerate our growth and continued innovation,” said Bruce Bower, CEO of Plastic Jungle.
Chris Kay, head of ventures, Citi Ventures, added: “Plastic Jungle has established itself as the leader in the payments exchange space.”
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