Twid bags $12m for loyalty and reward payments

India-based Twid, which is on a mission to revolutionise how loyalty and rewards are used, has raised $12m in Series A funding.

According to a report from The Hindu Business Line, the round saw participation from Google, ICMG Partners, JAFCO Asia, January Capital and Reddy Futures Fund and existing investors BEENEXT and Sequoia India’s Surge.

Founded in 2020 by Amit Koshal, Rishi Batra, and Amit Sharma, Twid is a network effect platform that combines multiple loyalty/reward points across issuers such as banks, FinTech firms, and retail/e-commerce brands. It allows consumers to pay at offline and online stores with a ‘one-click-checkout’ experience using their reward points.

Twid will deploy the capital to scale and build its merchant and issuer network, expand product roll-outs and build tech capabilities.

Amit Koshal, Founder & CEO, Twid, said, “Twid is on a mission to revolutionise how rewards are viewed, understood, and used across platforms by creating a completely new network. We are bringing together various industry stakeholders nudging them towards a cashless ecosystem and future.”

India-based neo bank Niyo Solutions recently received $30m in funding, just months after closing its Series C on $100m

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