Payment processor First Data Corp. announced that it is acquiring Gyft, a company that helps mobile device users keep track of gift card purchases and transactions.
The Gyft mobile wallet app allows consumers to buy, send, manage and redeem gift cards on the Web and on iOS and Android mobile devices. Merchants can use the platform to offer loyalty and reward programs. More than 200 leading retailers are already using Gyft's digital platform, including GameStop, Target, Home Depot and Whole Foods.
Gyft has received funding from Google Ventures, Karlin Ventures and A-grade Investments, a venture capital fun co-founded by actor Ashton Kutcher and investors Ron Burkle and Guy Oseary.
"Gyft, with its mobile gifting platform, and First Data, with its global scale and distribution network, together will accelerate the growth of virtual prepaid with powerful new tools for merchants of all sizes to deepen their relationships with their customers," said Guy Chiarello, president, First Data. "This means that the same robust toolset deployed by big box retailers will be coming soon to small- to mid-sized businesses, perfectly synced with our mission to offer innovative solutions to help our clients grow."
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