US-based firm University Fancards has raised $2.5m in a new financing round, which brings its total funding to more than $5.4m, in order to further drive its growth.

Established in 2015, the company provides collegiately licensed gift cards and prepaid reloadable cards for 22 universities across the country.

The cards are currently available through select physical stores and online at website. The company plans to expand the offering to various big box, grocery, pharmacy and convenience locations over the coming months.

Fancards CEO Lynn Boggs said: “Since our founding, we have grown the number of partner universities, retail relationships and customers.

“This round of funding enables us to continue bringing more cards to more fans and accelerate our growth, including through a planned upcoming ‘A’ round of institutional funding.

“Our goal is to bring cards to market for more than 60 colleges and universities nationwide and to have gift cards offered in additional nationwide chains in the near future.”

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By GlobalData