Dive Summary:

• PayPal has joined a group of investors to provide funding for Loop Commerce, a California-based gifting service startup.
• The gifting service will allow consumers to purchase gifts on e-commerce sites and edit the buyer’s selections prior to shipping.
• Loop Commerce says it has secured $13.2 million in total funding. However, the exact contribution made by PayPal has not been disclosed.

Dive Insight:

Startup Loop Commerce says its new gifting service will help reduce the amount of returns on purchased merchandise and discourage online cart abandonment. “We believe Loop Commerce represents the next stage in the evolution of the multi-billion dollar gift-card industry, empowering retailers and creating new opportunities through next-generation gifting experiences,” said PayPal's Don Kingsborough.