Fintech platformannounced to have lifted $12 million in a Series A round led by Capital Rakuten.
The round also saw participation from Google, ICMG Partners, JAFCO Asia, January Capital, Reddy Futures Fund and existing investors Sequoia’s Surge and BEENEXT.
Twid, a rewards points-based payment platform, said it would use the capital to build and scale its network of merchants and issuers, strengthen its technology capabilities, hire more talent and expand its deployments. of products.
Founded in 2020 by Amit Koshal, Rishi Batra, and Amit Sharma, the startup claims to have over 40 million active users on its network. Its Pay With Rewards feature is available at over 50,000 merchants in India.
“Twid is on a mission to revolutionize the way rewards are seen, understood and used across all platforms by creating an entirely new network,” Amit said in a press release.
The startup allows customers to pay in offline and online stores using their reward points. JioMart, NedMeds, Yatra, Gaana, Wakefit, Ixigo, ConfirmTKT and InterMiles are among Twid’s partners.
“Rakuten Capital sees huge potential and future synergies in this investment. As our global membership products are developed here in Bangalore by Rakuten India, I am delighted to join the Twid Board…” said Sunil GopinathCEO of Rakuten India in the press release.
Twid—meaning ‘That’s what I do’— derives its revenue primarily from merchants who pay it a commission, which is then split between acquirers, Twid, and reward issuers.
The Bengaluru-based startup said its goal over the next 18 months will be to expand its network of merchants.