Rewards and loyalty startup Twid raises $12M in funding led by Rakuten Capital.

Rewards and loyalty startup Twid has raised $12 million in its Series A led by Capital Rakuten.

Google, JAFCO Asia, capital of january, ICMG PartnersReddy Futures Fund and existing investors Beenext and Surge, Sequoia Capital India’s accelerator program, also participated in the funding round.

The company said it would use the funds to grow its merchant acceptance network, hire more talent in data science and analytics roles, and drive technology innovation.

The company also plans to double its workforce by the end of the current fiscal year.

Founded in 2020, Twid brings together different rewards point systems across issuers on one platform. With Twid, consumers can access all of their rewards points from banks, brands, travel and restaurants in one platform and make payments for their everyday expenses.

The platform works with payment gateways and payment providers to integrate its solution and allow users to use their rewards for payments.

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Twid’s rewards platform has an acceptance network among 100,000 online and offline merchants, the company said.

“With fundraising, we will continue to primarily focus on growing our network and rewards for the months ahead. We will also look to further drive innovation for issuers and deliver products and platforms to merchants to drive their growth,” Amit Koshal, Founder and CEO of Twid, told ET.

According to Koshal, the company currently has 40 million registered users.

As part of the transaction, Rakuten India CEO Sunil Gopinath will join Twid’s board of directors.

“Rakuten Capital sees huge potential and future synergies in this investment. As our global membership products are developed here in Bengaluru by Rakuten India, I am delighted to join the Twid Board and look forward to working with (co-founders) Amit Koshal, Rishi Batra, Amit Sharma and their very capable team to transform the way rewards points are used in India,” said Gopinath.

In June last year, fintech player BharatPe announced the acquisition of multi-brand loyalty platform, Payback India, to roll out rewards and loyalty programs for customers. In April 2021, merchant payment platform Pine Labs also announced the acquisition of Fave, a Singapore-based cashback startup, for $45 million, to enter the consumer payments category.

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