Rewards-based payment network TWID has announced that it has raised $2.5 million in funding round led by Sequoia Capital India’s Surge and BEENEXT. Angel investors YourNest India, Kunal Shah and Rajul Garg also participated in the latest round.
Commenting on the investment, Amit Koshal, Co-founder of TWID, stated, “With our wide network of issuers, merchants, brands, and consumers, TWID injects life and liquidity into the current payments ecosystem, bringing about a greater volume of transactions than before. The value of the network only grows with each additional brand we partner with, and we look forward to making the network even more profitable in the near future.”
TWID is dual-headquartered in Singapore and Bangalore with offices in Mumbai and New Delhi.
Hero Choudhary, Managing Partner at BEENEXT, added, “TWID is creating a completely new network for how we all view rewards. The platform has the same long-term potential as the traditional payment networks we see today. Issuers can convert rewards from liability to income streams, while merchants and acquirers can benefit from improved conversion and are provided with more options at checkout.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.