Santa Clara, Calif. – Openbucks, the Santa Clara-based developer of a gift card payment network, said on Tuesday it has raised $4.8 million in its first round of funding, led by Yahoo co-founder Jerry Yang.

Terry Semel, Greycroft Partners, BV Capital, Clearstone Ventures, Morado Ventures, Novel TMT Ventures, Inspiration Ventures, CrunchFund, SV Angel and TiE Angels also participated.

Openbucks’ network enables consumers who don’t have credit cards or a bank account, or who prefer to keep their financial information private, to pay for online goods and services using the gift cards of major retailers. The regular gift cards of Subway, CVS Pharmacy, Burger King, Shell, Circle-K and CITGO are among those now accepted through the network.

This article was also published in Bay Area Tech Wire.

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Openbucks –

Openbucks – press release