Digital payouts FinTech WeGift raises £26m


WeGift, which claims to be an industry leader in digital payouts, has closed its Series B funding round on £26m.

The investment was led by Element Ventures, with commitments also coming from Clocktower Ventures and Volution Capital. Existing WeGift investors CommerzVentures, AlbionVC and SAP also joined the Series B.

These funds will enable WeGift to expand its digital currency network, support growth in new geographies, hire more staff and release new features. For its international growth, WeGift is particularly focused on North America.

WeGift is on a mission to allow anyone to transfer any digital currency more freely around the world.

The digital payouts FinTech enables companies to disburse funds to customers for  rewards, refunds, rebates, remittances and more. The network connects merchants, individuals and organisations to instantly send digital currencies around the globe.

The company, which was founded in 2016, claims to have doubled its revenue each year.

Speaking on the deal, CEO and founder Aron Alexander said, “We’re building the world’s leading infrastructure for moving stored value, and these funds will help us accelerate our growth.

“Innovations in payouts have been few and far between, leading to solutions that no longer match the speed with which business operates. Our digital currency network gives corporate and platform users powerful tools to incentivise, reward, drive conversion, disburse funds and more.”

Element Ventures partner Mike McFadgen added, “They’ve created a simple, elegant solution to an extremely complex problem, and they have fantastic traction. They’re well positioned to have a major impact on how value moves and commerce functions. We look forward to working with them in the years to come as they revolutionise payouts.”

In other PayTech news, Yassir raised $150m in Series B funding. The North African “super app” provides rideshare, food delivery and banking services.

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