GiftCard Rescue Shark Tank Net Worth 2023
Gift Card Rescue was founded by Kwame Kuadey in 2011 as an online marketplace for people to sell their gift cards. The company valuation was $500,000 during the pitch.
After appearing on Shark Tank in 2012, the company gained a lot of publicity, and its revenue quickly jumped from $250,000 to $2 million.
Gift Card Rescue went on to become one of the fastest-growing startups in the US and made the Inc. 5000 List in 2013 and stayed on it for four consecutive years.
Kwame Kuadey rejected Kevin O’Leary and Robert Herjavec’s offer of $200,000 for a 50% equity stake in the business, instead opting to partner with Amazon.com.
The company went on to make $6 million in 2021 and over $10 million in 2013. However, despite its success, Gift Card Rescue was struggling to keep up with demand and customer complaints were piling up.
In 2016, a lender froze their bank account and the company was shut down. As of 2023, Gift Card Rescue is no longer active.
What is GiftCard Rescue? Who is the founder of GiftCard Rescue?
GiftCard Rescue was an American online marketplace where users could buy, sell, and exchange gift cards. The website offered a list of gift card brands and their corresponding serial numbers, similar to a blog.
This feature enabled users to easily sell their unused gift cards, which is a common problem as around 10% of all gift cards go unused each year.
The founder of GiftCard Rescue, Kwame Kuadey, was inspired to create the business while pursuing his MBA at John Hopkins University.
He noticed that his friend had several unused gift cards and realized that this was a widespread issue, with nearly $8 billion in gift cards going unclaimed annually.
Kuadey’s solution was to purchase unused gift cards from clients at 65-70% of their face value and then resell them for a 10% discount, allowing both buyers and sellers to benefit.
The business model was successful, and GiftCard Rescue quickly outgrew Kuadey’s personal finances, leading to the need for investment.
Despite running the business from his home with the help of his wife, Kuadey’s sales exceeded $120,000 per year. However, he could not expand without additional funding.
Nonetheless, his research showed which gift cards were in demand, and Amazon.com expressed interest in collaborating with his business. GiftCard Rescue was a valuable resource for those seeking to cash in their gift cards or purchase them at a discount.
GiftCard Rescue Shark Tank Pitch
Kwame Kuadey traveled a significant distance to appear on episode 104 of Shark Tank and present his business, GiftCard Rescue. He was hoping to find a Shark who could assist him in scaling and marketing his business.
Kuadey pitched his GiftCard Rescue business on the show, seeking $150,000 for a 30% stake, which valued the company at $500,000.
He explained that without the capital injection, he would be unable to continue running his business. Robert Herjavec asked him some probing questions about the value of the company.
Kuadey responded assertively, stating that the value of his business is dependent on financial investment, a potential collaboration with Amazon, and his own management abilities.
However, the offer was ultimately rejected by Daymond John, Barbara Corcoran, and Mark Cuban. Kevin O’Leary expressed interest but countered with a different offer: $150,000 for a 50% stake in the company.
Kuadey tried to negotiate, offering 40% equity shares, but Kevin O’Leary refused to budge from his original offer. Robert Herjavec then stepped in and offered to join Kevin O’Leary for an additional $50,000 in exchange for a 50% stake in the company. Kuadey accepted this offer and left the pitch with a deal.
However, Kuadey later declined the offer from Robert and Kevin. With an Amazon contract on the table and the exposure he gained from appearing on the show, he believed that giving up 50% of his company was an unnecessary sacrifice.
Kuadey’s hard work and determination drove his business forward, and GiftCard Rescue went on to gross $6 million in 2012 and over $10 million in 2013, making it one of the most successful businesses to appear on Shark Tank.
Kuadey’s self-confidence, perseverance, and level-headed business acumen have continued to propel him forward. When asked about the profitability of his company, he stated that he had generated $15 million in sales in 2015.
However, the company closed in July 2016 due to a lender obtaining a judgment for debt default and blocking the company’s bank account, leading to the shutdown.
The Better Business Bureau in Baltimore received 300 complaints at the time. However, as of July 2021, it seems that the issues have been resolved.
Competitors of GiftCard Rescue
GiftCard Rescue had numerous competitors in its marketplace. These are; Plastic Jungle, Cardpool, and CardCash.
Net Worth of GiftCard Rescue
The company valuation was $500,000 during the pitch. In 2016 the company went out of business and the company’s net worth is unknown.
GiftCard Rescue Shark Tank Updates
Gift Card Rescue is a company that buys unwanted gift cards from gift recipients and resells them for a profit. The company was featured on Shark Tank in season 1, where Kwame Kaudey asked for $150,000 for 30% equity.
Kevin O’Leary and Robert Herjavec offered $200,000 for 50% equity, which Kaudey accepted.
However, Kaudey ultimately turned down the deal from Robert and Kevin because he felt that giving up a 50% share in his company was too great a sacrifice, given the Amazon contract and the publicity he received from being on the show.
After appearing on Shark Tank, Gift Card Rescue became a successful online marketplace for selling and exchanging gift cards in the United States. The company has since sold nearly $40 million in gift cards.
However, in 2022, the company shut down after eight years, leaving customers in limbo over payments totaling thousands of dollars. Customers who had sent gift cards to the company within the last two weeks and had yet to be processed were returned to senders.
Gift Card Rescue was a successful company that bought unwanted gift cards from gift recipients and resold them for a profit.
The company was featured on Shark Tank in season 1, where Kwame Kaudey accepted an offer of $200,000 for 50% equity from Kevin O’Leary and Robert Herjavec but ultimately turned it down.
The company became a successful online marketplace for selling and exchanging gift cards in the United States, but it shut down in 2022, leaving customers in limbo over payments totaling thousands of dollars.
GiftCard Rescue Shark Tank 2023
| TOPIC | INFORMATION |
| Company Name | GiftCard Rescue |
| Founder | Kwame Kuadey |
| Business | Online marketplace for buying, selling, and exchanging gift cards |
| Year Founded | 2011 |
| Valuation during Shark Tank pitch | $500,000 |
| Revenue before Shark Tank | $250,000 |
| Revenue after Shark Tank | $2 million |
| Year company made Inc. 5000 List | 2013 |
| Offer from Kevin O’Leary and Robert Herjavec | $200,000 for 50% equity |
| Partnership with | Amazon.com |
| Revenue in 2021 | $6 million |
| Revenue in 2013 | Over $10 million |
| Competitors | Plastic Jungle, Cardpool, CardCash |
| Reason for Closure | The lender obtained judgment for debt default and froze the company’s bank account |
| Better Business Bureau Complaints | 300 (in 2016) |
What Happened To Giftcard Rescue After Shark Tank?
GiftCardRescue.com was a company that bought and sold unwanted gift cards. The business appeared on Shark Tank in 2009 and received an offer of $150,000 from Robert Herjavec and Kevin O’Leary in exchange for 50% of the company.
However, Kwame Kuadey, the founder of GiftCardRescue.com, decided not to accept the offer. He believed that giving up half of his company was an unnecessary sacrifice since he already had an Amazon contract and had gained notoriety from appearing on the show.
After the Shark Tank appearance, GiftCardRescue.com experienced rapid growth, with revenue jumping from $250,000 to $2 million. However, the company struggled to keep up with demand, and customer complaints began to pile up.
In 2016, a lender froze their bank account, and the company was shut down overnight. This left customers in limbo over payments totaling thousands of dollars, and gift cards that were sent within the last two weeks and had yet to be processed were returned to the senders.
Today, the GiftCardRescue.com domain name is still active, but someone else has acquired it. Kwame Kuadey is now the CEO and Founder of Thrive Company.
What Was The Outcome Of Gift Card Rescue’s Appearance On Shark Tank?
Gift Card Rescue was featured on the first season of Shark Tank and made a deal with Kevin O’Leary and Robert Herjavec. The sharks invested $200,000 for a 50% stake in the company.
However, Kwame Kuadey, the founder of Gift Card Rescue, ultimately decided to turn down the deal. Despite this, Kuadey was able to effectively revive the company following his appearance on the show.
He established an online corporation that has since sold nearly $40 million in gift cards. When Gift Card Rescue appeared on Shark Tank, its valuation was $500,000.
What Is The Current Status Of Gift Card Rescue?
GiftCardRescue.com was a company that purchased and sold unwanted gift cards at a discounted price. The company was founded by Kwame Kuadey and gained popularity after appearing on Shark Tank in 2009, earning $55,000 in sales that year.
However, after eight years of operation, the company ultimately shut down in 2016. The shutdown left customers with pending payments totaling thousands of dollars.
Kwame Kuadey posted a message on the GiftCardRescue website explaining that cards bought before July 15 had been sent to buyers, while sellers’ cards that were received within the last two weeks and had yet to be processed were being returned to senders.
In recent and pending complaints to the Better Business Bureau, consumers reported promises of payments ranging from $35 to almost $200 for their gift cards. In 2023, Shark Tank Recap and Shark Tank Success both provided updates stating that the company had shut down.
What Was The Valuation Of Gift Card Rescue When It Appeared On Shark Tank?
In the reality show Shark Tank, Gift Card Rescue received an investment offer from Kevin O’Leary and Robert Herjavec.
The offer was for $200,000 in exchange for a 50% stake in the company, which valued the company at either $400,000 or $500,000, depending on the source. However, Kwame Kuadey, the founder of Gift Card Rescue, accepted the offer from Kevin and Robert.
What Was The Reason For The Gift Card Rescue Company’s Shutdown?
Gift Card Rescue was a company that bought and sold unwanted gift cards. It was founded by Kwame Kuadey, who appeared on the reality show Shark Tank in 2009 and received an offer from Robert Herjavec and Kevin O’Leary.
In 2015, the company had $15 million in sales. However, in July 2016, the company was shut down due to a loan default judgment against the company. A lender froze the company’s bank account, forcing the shutdown.
This left customers in limbo over payments totaling thousands of dollars. The Better Business Bureau serving Greater Maryland received 300 complaints about the company.
Cards bought before July 15 were sent to buyers, while sellers’ cards that were received within the last two weeks and had yet to be processed were being returned to senders.
Unfortunately, those who sold cards to the site recently and were still owed money probably were not paid since the bank account was frozen.
Did The Giftcard Rescue Company Recover After The Shutdown?
Gift Card Rescue, a company that resold gift cards, shut down in 2016, leaving sellers who were owed money without payment.
The CEO of the company, Kwame Kuadey, expressed regret for the outcome and said that he never expected to be in that situation. The company gained popularity after appearing on Season 1 of Shark Tank.
On the show, Kuadey explained how the company worked. Gift card owners entered their card information on the company’s website, and Kuadey would purchase the card for 65%-75% below its value.
Customers could then buy the gift card at a 10% discount and Gift Card Rescue would earn a gross margin of around 25% per card. There is no information available on whether Gift Card Rescue recovered after the shutdown.
What Is Kwame Kuadey Doing Now?
Kwame Kuadey, who appeared on Shark Tank, is now the CEO and founder of Thrive Company. He also serves as the chapter president of the Entrepreneurs’ Organization in Baltimore.
The business he pitched on Shark Tank, GiftCardRescue.com, was shut down in 2016 after eight years of operation.
What is GiftCard Rescue?
GiftCard Rescue was a gift card resell firm. On their website, you can find current and expired gift cards for sale. In some cases, the cards are completely pulled off of their site. The company accepts cards from various brands including Wal-Mart, Visa, Amazon.com, and JetBlue Airways.
Who is the founder?
The founder of GiftCard Rescue is Kwame Kuadey.
How much did Kuadey get on Shark Tank?
Yes, Kwame Kuadey had the deal with Robert Herjavec and Kevin O’Leary. He received $200,000 for 50% equity in the firm.
Is GiftCard Rescue still in business?
GiftCard Rescue is not in business anymore. It is unknown if Kwame Kuadey still owns the company.
Where was GiftCard Rescue located?
GiftCard Rescue is located in Baltimore, Maryland.
Where did the idea come from?
The idea for GiftCard Rescue came from friends’ unused gift cards. He was having trouble selling his unused cards and knew that other people had this same problem.
How much did GiftCard Resort do in revenue?
GiftCard Rescue did about $14 million in 2015 and $10 million in 2013 last count. They have been operating since 2009. In 2012 they hit $6 million in revenue.
How did GiftCard Rescue work?
The business model was straightforward: acquire cards from clients seeking to cash them in for 65-70 percent of their face value, and then resell them for 90% of their face value.
How much did GiftCard Rescue expand?
GiftCard Rescue has been operating since 2009. They have expanded their business to Europe and Australia. They are planning to expand to other countries. How much did it cost GiftCard Rescue to expand? It cost them $500 per transaction including shipping, handling & labor hour costs to ship the cards overseas.
How did GiftCard Rescue get paid?
GiftCard Rescue got paid through cashback and chargebacks.
What methods of payment are accepted by GiftCard Rescue?
GiftCard Rescue accepted the following payment method: PayPal, check, money order, wire transfer, and gift cards & gift certificates.
What were the terms for GiftCard Rescue?
The GiftCard Rescue terms were like any other reseller of gift cards. One can contact them with their credit card information to have them approved and they can submit the unused or unwanted gift cards that they buy to get cash back.
What was the return policy of GiftCard Rescue?
The return policy was simple; where merchandise was purchased and then returned within 10 days of the purchase date, it can be returned for a refund. After 10 days, there is no option to return the item.
What were GiftCard Rescue pros?
The business was located in an area that was rife with high unemployment and poverty rates. There are many people who are struggling financially and could not necessarily afford to buy gifts for loved ones on special occasions for which gift cards were intended.
What is the net worth of Kwame Kuadey?
The net worth of Kwame Kuadey is estimated at $500,000
