Swedish social gift card service Wrapp has reached 1 million users (users' who has sent at least one gift card to a friend) who have sent 7.4 million gift cards since launch 14 months ago.
What is as interesting as the cumulative numbers is that 1 million cards were sent per week in December. Those cards had about a 10 % redemption rate, i.e. 10 % of the cards sent led to someone walking into a store and using the gift card.
As Wrapp makes money on redeemed cards, the Christmas period showed a company with some scale both in gifts sent and redeemed and a business model that is starting to become sustainable.
(I haven't figured out how to insert links with Blogger's iPhone app, thus the lack of a link to the announcement.)
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