WeGift is a London-based startup that provides an alternative to transferring funds between countries. By allowing anyone to transfer any digital currency anywhere in the world, it’s received about $29.5 million through a recent funding round. The startup intends to further expand its reach by planning new ideas and expansions.
Manual, expensive and laborious, transferring money via a payment, incentive or gift is an easy way to make a mistake. Additionally, sending money as a cash payout or incentive is time-consuming and prone to error. Payouts for digital currencies can be automatically processed as people move across the world and society goes cashless.
London-based startup WeGift pursues a goal of changing the way money is transferred around the world. Established in 2016, the company recently secured additional funding to further its cause. This allows them to create a more streamlined system for moving digital currencies across countries without restriction.
The Details
- €29.5 million (£26 million) closed as a Series B raise
- New investors Element Ventures led the round alongside Clocktower Ventures and Volution Capital
- Existing investors including CommerzVentures, AlbionVC and SAP increased their investments.
Element Ventures partners Mike McFadgen are impressed with WeGift’s ingenious digital currency idea. They believe the company’s massive success is a testament to the power of their implementation. In the years to come, they revolutionize the way commerce and value moves by maintaining their current positions. We look forward to working with them as they revolutionize payouts.
Rolling Out A Digital Payout Revolution
Rewards, rebates, refunds, remittances, payments and more are possible with WeGift. It offers a global digital payout system that’s personal, affordable, fast and easy. This is accomplished through the use of networks that connect merchants, consumers and organizations.
Aron Alexander founded the company as a leader in the development of infrastructure for storing value. A portion of their funding will propel them forward quickly; they need this to create innovations with fast payouts. Their digital currency network allows businesses and users to utilize tools like incentivizing, distributing funds, turning conversions and more.
The London-based fintech has grown rapidly since it was founded in 2016. Every year, it is able to grow its revenue by at least two times than the year before. In 2018, the company added over 100 brands to its roster, including Aldi, AirBnB, Dunkin’ Donuts, Nike and Instacart. Additionally, Xoxoday, Mint Mobile, WishList and ThankBen have joined their roster.
WeGift provides gift cards and other services in over 30 countries, 20 languages and more than a dozen currencies.
The objective of this funding is to create a robust digital currency network that supports new locations, adds new features and functionality, makes key hires and increases the size of its digital currency network. This is done with funds provided by investors.
CommerzVentures co-founder Heiko Schwender is excited about partnering with WeGift. He believes the platform’s ability to deliver instant payouts alongside a growing need for payout options make them a valuable innovator in the gig economy. The company also operates eCommerce platforms and deals with increased customer expectations— all of which make WeGift a prime candidate for business growth.
