FreeMonee is a new "cash-gift network" which enables merchants to give gifts directly to customers' credit or debit cards, for use with the designated merchant. The scheme has been set up by former eBay CMO Mike Linton, former Visa exec Jim Taschetta, Oracle's Gadi Maier and Clairmail founder Joe Salesky. These heavyweight names have helped FreeMonee raise $11m in funding.
They already have agreements with two of the top six card issuers and is in talks with others ahead of a summer launch. Gadi Maier, FreeMonee's CEO and president, said:
"FreeMonee, and the technology that powers it, is revolutionizing the bank-merchant-consumer dynamic, enabling each to benefit the other. Our AMT gives banks and retailers the ability to give customers exactly what they want."
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