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Giftbit is Giving You Your own Online Currency and Gift Cards

Giftbit is Giving You Your own Online Currency and Gift Cards

When Leif Baradoy was helping his brother move he found a drawer full of unused gift cards. This was the inspiration for Giftbit, the company Baradoy would go on to found with Peter Locke. Giftbit offers companies a service where they can send customers digital gift cards with set expiration dates through email, then follow up via email to remind the customers to use the cards before they expire. Because of their business model, the company loses no money if the customer doesn’t respond. “Giftbit customers are able to track, audit, and manage their gift card offers and campaigns down to the recipient level,” Baradoy told GeekWire last fall. The company received venture funding early in 2016 from Founder’s Co-op and Freestyle, and in the time between then and now have identified a need that they have just announced during TechCrunch Disrupt SF that they will fill, the need for a business to be able to create their own digital currency on the fly and in whatever form they want – promo codes, refund credits, or digital gift cards for sale. This new offering can help businesses in a number of ways, but the one that jumps out to me is retaining profits when a customer decides they want…

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