Twid, a Bangalore, India-based payment solution platform, raised $12 million in a Series A funding round led by Rakuten Capital.
The round also saw participation from ICMG Partners, JAFCO Asia, January Capital, and Reddy Futures Fund along with existing investors BEENEXT and Sequoia India's Surge.
The company intends to use the funds to scale up and build its merchant and issuer network, expand product roll-outs, build tech capabilities – primarily in data science, and hire new talent.
With this funding round, Rakuten India CEO Sunil Gopinath will join Twid’s board of directors on behalf of Rakuten Capital – Rakuten Group’s corporate venture capital arm.
Company: Twid Rewards Global Private Limited
Round: Series A
Funding Month: Aug 2022
Lead Investors: Rakuten Capital
Additional Investors: ICMG Partners, JAFCO Asia, January Capital, Reddy Futures Fund, BEENEXT, and Sequoia India's Surge
Company Website: https://twidpay.com/
Software Category: Payment Solution Platform
About the Company: Founded in 2020 by Amit Koshal, Rishi Batra, and Amit Sharma, Twid is a technology company that builds existing reward points into a currency. Twid provides a platform that combines multiple loyalty/reward points of users across issuers such as banks, fintech firms, and retail or e-commerce brands, and allows consumers to pay at offline and online stores using their reward points. Twid has over 40 million registered users, and over 50,000 live merchants. It also has a payment network of banks, brands, payment gateways, merchants, and customers. TWID is dual-headquartered in Singapore and Bangalore with offices in Mumbai and New Delhi.