Twid raises $12 million in Series A funding

Twid, a reward point-based payment solutions, has raised $12 million in Series A funding round led by Rakuten Capital. 

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. 

Funds raised will be used for scaling and building Twid merchant and issuer network, expanding product roll-outs, building tech capabilities primarily in Data Science and hiring. Previously, Twid has raised capital from investors such as BEENEXT and Sequoia India’s Surge in 2021. 

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.”

With this funding round, Sunil Gopinath, CEO of Rakuten India, will join the Twid board of directors on behalf of Rakuten Capital, Rakuten Group’s corporate venture capital arm.

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.

With over 40 million registered users, and 50,000 live merchants, Twid has a payment network of banks, brands, payment gateways, merchants, and customers, said the company.

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