July 30, 2014
First Data Acquires Mobile Gift Card Platform Gyft
Payment technology solution provider First Data has acquired mobile gift card platform Gyft, a previous TechCrunch Disrupt battlefield company which offers a mobile app that lets consumers organize, shop for and send gift cards to others.
The move will expand First Data’s gift card footprint and programs and add choice for consumers, the company stated in an announcement out this morning.
Following this deal, expected to close next month pending shareholder approval, First Data’s clients, including more than 300 national retail prepaid clients, will have access Gyft.
The deal grew out of a partnership between the two companies, Gyft and Clover, which would provide access to digital gift cards to First Data’s SMB clients, the report explained.
The company first launched its service in 2012, with its then iOS-only mobile gift card “wallet,” which has since expanded cross-platform to Android and the web, while growing its service to include cards from over 200 retailers.