Posted under Startups
from http://techcrunch.com 888 days ago

Openbucks, a startup creating a gift card-based payment network (and a former TechCrunch Disrupt finalist), is announcing today it has closed $4.8 million in Series A funding, in a round led by Yahoo co-founder Jerry Yang. Also participating were Terry Semel, Greycroft Partners, BV Capital, Clearstone Ventures, Morado Ventures, Novel TMT Ventures, Inspiration Ventures, CrunchFund, SV Angel and TiE Angels. (Whew!).

Since its initial debut, founder and CEO Marc Rochman says Openbucks has grown to “tens of thousands of users” and has seen “hundreds of thousands” of transactions on its network.

For a little background on the company, the big idea here is to help bring the unbanked, under-banked, or privacy-sensitive crowd into the online shopping space by allowing them to pay for goods and services using retailers’ gift cards. The targeted demographic not only includes the teenage crowd, who typically don’t have bank accounts, but also anyone ...

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