First Data buys out Vinny Lingham’s Gyft in $50m+ deal

Gyft, the virtual gift card service founded by South African-born entrepreneur Vinny Lingham has been acquired by First Data, a big player in the payment technology and services space.

Neither party has disclosed the terms of deal, although early Gyft investors have expressed pleasure at the deal. Karlin Ventures managing director TX Zhuo told Pandodaily that it was “a great outcome for everybody involved.”

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