Digital gift card firm reaches $1bn mark

AUSTRALIA has a new tech “unicorn”, with digital gift card business Prezzee hitting the coveted $1bn valuation mark thanks to surging revenue in the US and UK.

It has also clinched a new deal with global payments giant MasterCard.

Prezzee is 85 per cent owned by billionaire commercial property magnate Shaun Bonett (pictured) and is on track to achieve more than $1bn in gift card transactions in the current 2022 financial year, taking a percentage share of the gift card value as revenue.

“Prezzee has comfortably surpassed unicorn status,” the company’s chief executive Tony Karp said, based on revenue and profit projections from the 16 million Prezzee gift cards projected to be sent by companies and consumers by June 2022.

The MasterCard deal will see Prezzee enter a global partnership connecting it with 188 million potential new customers who can buy, send, store and redeem digital gift cards.