During our trip to San Francisco last month, we visited hot Silicon Valley startup, Giftly.Giftly was founded by Tim Bentley, a former Aardvark executive. Aardvark was acquired by Google for ~ $50 million.
Bentley’s new company has a few million in funding; Thrive Capital is an investor. It launched in September and it’s disrupting the gift card industry.
Giftly offers a way for anyone to buy a gift card to any store in the world, even ones that aren’t nearby.
For example, if you want to get your parents a gift card to their favourite restaurant but you don’t live in the area, you can order it on Giftly. All Giftly cards are delivered via email and redeemed on mobile phones.
Giftly doesn’t deal with any of the merchants either. Here’s how it works:
When a Giftly card is purchased, the buyer’s credit card is charged. When the recipient opens the card on their mobile phone in the store, Giftly check their location. Once Giftly confirms that the recipient is at the right venue, the gift money is unlocked. Giftly then send the money as a credit card reimbursement to the recipient. The recipient then purchases the product at the cash register per usual. The merchant doesn’t have to be told about the Giftly — the service is completely a location-based redemption.
Unlike most gift cards, Giftly allows the buyer to select up to three venues where the recipient can spend the money. If you want to treat someone to a great date night, you could gift them money to unlock at a restaurant, a movie theatre, and a dessert place.