56 minutes ago
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Key Takeaways
- Accounts: 1,500+ added, 88,500+ total verified
- Gift cards: ~$1.2M of $1.28M category revenue
- Category margin: -$21,975 before other expenses
- Undisclosed: TikTok sales, channel costs, redemption rate
Fold’s November 10 results report $4.2 million in revenue and a $2.6 million net loss for the quarter ended September 30, with an approximately 270% year-over-year rise in custody and trading revenue attributed to gift-card sales. Fold launched on TikTok Shop in July; by the end of the following quarter it was calling the platform its largest gift-card and customer-acquisition channel.
The biggest channel delivered 1,500 accounts
The acquisition claim sits next to a modest number. Fold added more than 1,500 verified accounts in the quarter, taking the c...
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