WeGift bags £26m in Series B funding

UK-based digital payouts fintech WeGift has secured £26 million in a Series B funding round led by new investor Element Ventures.

WeGift bags £26m Series B

The round also saw participation from other new investors including Clocktower Ventures and Volution, and existing investors CommerzVentures, AlbionVC and SAP.

Founded in 2016 with its headquarters in London, UK, WeGift operates a digital payouts platform that integrates into brand platforms through an open API, allowing companies to disburse funds to the people they serve for rewards, refunds, rebates and remittances.

It operates in more than 30 countries, 20 currencies and over a dozen languages with a catalogue of more than 1,500 brands. Customers include Sodexo and Vodafone and WeGift claims to have doubled revenue every year since founding, providing real-time payouts access to over one billion consumers worldwide.

WeGift plans on using the fresh funds towards expanding its digital currency network, supporting growth in new geographies, with a focus on North America, making key hires, and adding new features.

“Innovations in payouts have been few and far between, leading to solutions that no longer match the speed with which business operates,” says Aron Alexander, CEO and founder.

“Our digital currency network gives corporate and platform users powerful tools to incentivise, reward, drive conversion, disburse funds and more.”

The company claims to have surpassed 120 employees last month. It has also added 100 brands on its platform including Nike, Airbnb and Aldi and onboarded new customers such as Mint Mobile and WishList, among others.