Gift card marketplace Raise launches Passbook-like iOS app

Raise.com, a website that allows consumers to buy and sell gift cards, has introduced a new Passbook-like app for Apple's iOS, allowing shoppers to access on-the-spot savings at over 750 stores.

The recently launched app allows consumers to quickly and easily trade gift cards from their mobile device. Users are able to sell gift cards they own in return for cash or credit towards another gift card.

The app allows people to search for a discounted gift card specific to the store they intend to purchase from, giving users on-the-spot savings. Shoppers will then be able to use that gift card via a barcode displayed on their device's screen.

The application features an interface similar to Passbook in iOS, giving a view of all the gift cards they own or are selling at a glance. Users are then able to tap on a gift card to bring up a barcode to use it at point-of-sale.

To gain access to the marketplace, users are required to sign up either at Raise.com or in the app and then confirm their mobile number. This gives them immediate access to the buying and selling functions.

Raise claims they have become "the largest online marketplace for gift cards" after receiving a $25 million investment in the company. Of that, $18 million came from noted investor Bessemer Venture Partners, who have previously helped fund companies including Yelp and LinkedIn.

The company's founder and CEO George Bousis said that the company had grown over 500 percent since last year, taking on 94 employees in that time, now totaling 107.

Raise expects to save consumers $10 million during the 2014 holiday season with its portfolio of gift cards from 750 to 850 brands.