TWID, a Rewards and loyalty startup has raised $12 million in its Series A funding round from Rakuten Capital.
Other angle investors including existing investors Sequoia’s Surge and BEENEXT, and new investors like Google, ICMG Partners, JAFCO Asia, January Capital, Reddy Futures Fund, also participated in this round.
The company plans to use the funds to build and grow its merchant and issuer network, build its technical capabilities, hire more talent, and expand its product roll-out.
As part of the deal, Rakuten India CEO Sunil Gopinath will join the board of TWID.
The Bangalore-based TWID was founded in 2020 by Amit Koshal, Rishi Batra, and Amit Sharma, It brings together various reward point systems for issuers on a single platform. With its platform, consumers can access their entire reward points from banks, brands, travel and food and pay for their daily expenses on one platform.
“With the fundraising, we will primarily continue our focus on growing our network and the rewards piece for the coming months. We will also look to drive more innovation for issuers and look at providing products and platforms to merchants to boost their growth,” said Amit Koshal, founder and chief executive of TWID.
The company works with payment gateways and payment providers to integrate its solutions and allow users to use their rewards for payments.
The company said that its rewards platform has an acceptance network of over one lakh online and offline merchants.
The company claims that it currently has 40 million registered users. It also plans to double its workforce by the end of the current financial year.
“Rakuten Capital sees tremendous potential and future synergies in this investment. Given our global membership products are developed here in Bengaluru by Rakuten India, I’m thrilled to join the Twid board of directors and look forward to working with (cofounders) Amit Koshal, Rishi Batra, Amit Sharma and their very capable team to transform the way reward points are used in India,” said, Sunil Gopinath, CEO of Rakuten India.
TWID is shaping the future of Digital Currencies We are delivering new-age fintech solutions, built grounds up from their technology innovators to solve large un-solved problems. Despite earning of loyalty points from Credit/Debit Cards, Retail and Online Brands, Travel and more, the visibility and usage of them are marginal.
They are the new age payment method, combining points and payment ensuring not only saves on every payment make, but also earns new accelerated rewards. They empower banks, brands, acquirers and customers to make their program completely business viable and turn their app as contactless payment mode for offline payments or as a checkout option on online merchants using “Pay with Rewards”. From startups to the world’s leading companies today uses TWID Platform for digitizing and building points into currencies and drive new liquidity in the market for customers and issuers.
TWID is dual-headquartered in Singapore and Bangalore with offices in Mumbai and New Delhi.