FreeMonee has raised USD34 million in Series B funding led by UFG Asset Management chairman Charles Ryan. Existing investors Opus Capital Ventures, Redpoint Ventures, Sutter Hill Ventures and Pinnacle also participated in the round. The California-based startup collects bank data to enable retailers to connect with potential customers, who are offered a free gift of USD5 or USD10 to spend at a particular store. According to CMO Jim Taschetta, FreeMonee's model is effective because consumers that redeem their vouchers "spend six to seven times the amount of the gift card.” The company says it will use the funding to fuel its expansion.