Digital gift platform Swych has closed a Series A funding, which was led by UAE Exchange Group.
Through this partnership the companies hope to combine their customer base to build the digital gifting processes across the world, with Swych leveraging UAE global reach to expand its services.
Launched in 2016, Swych is a digital gift card provider which has a network of over 120 retailers in the US. The company is connecting more than 100 retailers in India, the Philippines and several other countries to offer a global network of products to redeem with the cards.
The platform is currently available in the US on Android and iOS, while businesses can access Swych through its GiftBot platform or its API.
UAE is a global money transfer, foreign exchange and payment solutions, which offers prepaid cards, online money transfer facilities, mobile-based applications and kiosks in many major markets.
This capital injection will be used to help the company accelerate its growth to become a global digital cross-border gifting service.
UAE Exchange Group CEO Promoth Manghat said, “Swych’s global gifting technology and vision fits well with our strategy to foster purpose-based money transfers. As a group, we are always on the lookout for opportunities to partner with organizations that drive innovation, provide differential services and promote digital initiatives. Additionally, this enables us to expand our offerings to include digital gifting services for our consumers worldwide.”
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