PORTLAND, Maine--(BUSINESS WIRE)--CashStar, the industry-leading provider of prepaid commerce solutions, today announced record revenues for 2016, fueled by multiple product and platform innovations and continued client and partner growth. CashStar generated nearly $2 billion in gross merchant load for 2016.
“This past year was terrific for our company, clients, partners and employees,” said CashStar President and CEO Ben Kaplan. “Our record-setting performance is a direct reflection of the success our clients and partners have with our solutions. I am fortunate to work with such a talented, dedicated team committed to building on our success and vision.”
New Solutions and Product Innovation
In 2016, CashStar launched multiple innovations designed to help retailers and restaurants engage consumers, drive loyalty and increase sales. New solutions and enhancements include:
- CashStar Product eGifting: this new solution enables retailers to improve the gift giving experience, grow revenue and reduce costly returns by providing shoppers with the ability to digitally send physical gifts seamlessly from a retailer’s ecommerce site.
- CashStar Social Engagement: this new CashStar Marketing module allows merchants to reward loyalty and delight followers by distributing digital gift cards and incentives to consumers securely via social channels.
- World-class security capabilities: CashStar extended its leadership position with a range of enhancements to its security and risk management capabilities.
- Additional product enhancements: CashStar made significant investments and enhancements to its offerings, including the On Demand Distribution module, the On Demand Activation module and the CashStar Exchange platform.
New Velocity B2B Business Unit
In November, CashStar launched Velocity B2B, a new business unit that provides gift card program management and agency services.
- Velocity B2B helps merchants grow B2B gift card sales quickly, securely and with minimal resource investment from its clients.
- Clients benefit from end-to-end program management services and full fraud risk indemnification, all while maintaining brand control and oversight.
Continued Client Growth
In 2016, CashStar once again grew its roster of brands and expanded relationships with numerous existing clients:
- 50 unique new client programs launched on the CashStar Commerce platform using CashStar’s Consumer, Business, Marketing and Assist products, spanning both digital and plastic prepaid capabilities.
- Uber, the global transportation network, deployed CashStar Commerce to enhance and extend its gift card program in 2016. Uber launched CashStar Consumer and CashStar Business and is also working with its new business unit, Velocity B2B.
- Additional notable new clients include 1-800-FLOWERS, Bobbi Brown, e.l.f. Cosmetics, GrubHub, Hooters, Marcus Theatres, Paint Nite, Planet Hollywood and OpenSky.
- Nordstrom launched CashStar Product eGifting for the 2016 holiday season and expanded its use of CashStar Consumer and Business applications.
- SEPHORA deployed CashStar Social Engagement for its Twitter channel.
- Hundreds of gift card-based promotions were executed with CashStar Marketing, driving record-setting consumer sales.
B2B Partner Expansion
CashStar continued to fuel its growth by adding strategic partners to the Exchange Platform across a range of segments, including loyalty, incentives, promotions and resellers.
- Notable new Exchange partners include Bouxtie, CouponCabin, Entertainment Benefits Group, Gift Slicer, Giftnix, Honeyfund, Raise, RetailMeNot and WishList.
- American Express Membership Rewards launched an enhanced digital gift card redemption experience with the CashStar Exchange platform.
- Along with its partner Maritz Motivation Solutions, CashStar won the 2016 PX Payments Award for the Best Prepaid or Payments Innovation, recognizing its innovative regifting and distribution capabilities.
Employee Investment and Growth
CashStar added more than 50 new employees including several key executives in 2016, while also maintaining its commitment to company culture and the local community.
- Tom Boucher joined the company as vice president of Velocity B2B Services. A founder and former chairman of the Retail Gift Card Association (RGCA), Boucher most recently ran the gift card program at Best Buy before joining CashStar.
- Nate Smith joined CashStar as vice president of marketing. Bringing more than twenty years of marketing and product management experience, Smith joined CashStar from Blackhawk Network.
- Terry Sutton joined CashStar as vice president of customer success. Sutton had previously held multiple executive posts at L.L.Bean over a 20-year career, including senior vice president of corporate marketing and ecommerce.
- For the sixth consecutive year, CashStar was recognized as one of the Best Places to Work in Maine.
- An active member of the Portland tech community, CashStar sponsored the third annual Maine Startup and Create Week (MSCW), a weeklong celebration of entrepreneurship, creativity and innovation.
- The company and its employees proudly raised more than $13,500 for EqualityMaine, the state’s largest lesbian, gay, bisexual and transgender (LGBT) rights and advocacy organization.
- The company held its annual gift drive for Family Crisis Services, a Portland organization that shelters mothers and children affected by domestic violence.
CashStar, the industry-leading provider of prepaid commerce solutions, enables the world’s top retailers and restaurants to grow and innovate in the rapidly evolving retail environment. CashStar provides best-in-class capabilities, revenue-optimizing risk management and a client success model based on aligned growth, to optimize digital gifting and prepaid commerce experiences. CashStar powers more than 300 leading brands worldwide including Best Buy, Brookstone, Coach, Crate & Barrel, Dell, Dunkin’ Donuts, Gap, lululemon athletica, Nine West, Office Depot, Petco, Pottery Barn, QVC, Sephora, Staples, Starbucks, The Cheesecake Factory, The Home Depot and Williams-Sonoma. To learn more, please visit www.cashstar.com, follow @CashStar or e-mail email@example.com.