A year and a half after graduating from Facebook’s second fbFund competition, GroupCard has been acquired by pre-paid card provider InComm. The latter company stocks cards in retail stores across the US and other countries, allowing users to buy the cards in order to obtain virtual currency in games, or access to other digital goods.
GroupCard was founded as a collaborative greeting card service, and afterward expanded to selling gift cards, including a deal with Apple to sell iTunes cards on Facebook. InComm’s interest in the startup is focused on that social gifting business, according to TechCrunch, which first reported the deal.
InComm appears to be one of those rare non-digital companies that gets the online world. Aside from jumping into the Facebook gift card business, the company’s VP of product development sat on our payments panel at the Inside Social Apps conference last week, where he likened selling cards at major retail locations to game mechanics. InComm also recently bought Zeevex, which sells virtual currency tokens through retail channels.
As for GroupCard, we ran an interview with CEO John Anderson after its graduation from fbFund, in which they talked about “spinning up the flywheel” to create momentum for the company. It would appear that the strategy was successful, although the degree is uncertain — the acquisition price wasn’t disclosed.