London-based startup WeGift has just raised about €29.5 million (£26 million) in its latest funding round. The fintech startup, which allows anyone to transfer any digital currency across the globe, is now planning to expand its reach even further.
Sending money – whether as a disbursement, incentive, non-cash payout, or even as a reward or gift – is a manual, expensive, time-consuming process. And it’s one that is prone to a few different errors. Yet, sending digital payouts is rapidly growing. As people spread out across the world and society moves cashless, it stands to reason that it should be an easier, automated process.
Aiming to lead somewhat of a payout revolution is London-based WeGIft. Founded in 2016, the startup has just raised new investment, furthering its mission to make it simple to transfer any digital currency more freely across the globe.
- €29.5 million (£26 million) closed as a Series B raise
- New investors Element Ventures led the round alongside Clocktower Ventures and Volution Capital
- Existing investors including CommerzVentures, AlbionVC and SAP increased their investments.
Mike McFadgen, partner at Element Ventures: “Element Ventures is honoured to partner with WeGift on their journey to becoming a global digital currency network. They’ve created a simple, elegant solution to an extremely complex problem, and they have fantastic traction. They’re well positioned to have a major impact on how value moves and commerce functions. We look forward to working with them in the years to come as they revolutionise payouts.”
Rolling out a digital payout revolution
WeGift enables anyone and any company to disburse funds to the people they serve for rewards, refunds, rebates, remittances and more. It leverages a network that connects merchants, individuals and organisations to instantly send digital currencies on a global level, making digital payouts fast, affordable, effortless, and personalised.
Aron Alexander, CEO and founder: “We’re building the world’s leading infrastructure for moving stored value, and these funds will help us accelerate our growth. Innovations in payouts have been few and far between, leading to solutions that no longer match the speed with which business operates. Our digital currency network gives corporate and platform users powerful tools to incentivize, reward, drive conversion, disburse funds and more.”
Since its inception in 2016, the London-based fintech has doubled revenue annually every year. This year has seen plenty of excitement for the startup, which has added well over 100 brands to date, including AirBnB, Nike, Instacart, Dunkin’, Aldi and many more. New customers include Mint Mobile, WishList, ThanksBen and Xoxoday.
WeGift now operates in more than 30 countries, 20 currencies and more than a dozen languages,
These funds will be used to expand its digital currency network, support growth in new geographies – with a focus on North America – make key hires, and add new features and functionality to its already-robust solution.
Heiko Schwender, a partner with CommerzVentures: “There’s an enormous and growing need for instant, efficient payouts. WeGift is at the convergence of a massive opportunity created by a blend of factors, including remote work, the gig economy, eCommerce adoption and increased customer expectations. They’re a true innovator at the forefront of an industry with huge growth potential, and we’re thrilled to take this journey with them.”