WeGift, which enables businesses to reward customers with gift cards, has collected $8m in its Series A extension.
The investment was led by AlbionVC, with previous WeGift backers Stride.vc, SAP.iO fund and Unilever Ventures also contributing.
Capital from the round will be used to invest into its supply chain via direct integrations with brands. It will also use the funds to increase its product development.
The company was founded in 2016 after Aron Alexander received a £5 gift card refund in the mail, which helped him realise the $700bn rewards industry was outdated. The FinTech offers a cloud-based platform that enables companies to automate the sending of gift cards in real-time.
WeGift founder and CEO Aron Alexander said, “Historically businesses had to spend thousands of hours a year manually buying and distributing digital rewards. WeGift helps companies intelligently automate this process to power new customer acquisition and retention campaigns. We give them instant access to a huge choice of rewards and payouts, an ever-growing network of more than 700 brand partners, across 30 markets and 20 currencies.
“We are disrupting a broken market on a global scale, and this investment, together with our partnerships with Albion VC, Unilever Ventures, SAP.iO Fund and Stride.vc, is an instrumental step forward in achieving our vision.”
As part of the deal, AlbionVC general partner Ed Lascelles has joined the FinTech’s board of directors.
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