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TWID, a Bengaluru-based payment app, has raised ₹10 crore in seed round from SCV LLC, a family office of first-generation entrepreneurs.
The firm had previously secured funds from marquee investors such as YourNest Fund, Whiteboard Capital and Capillary Technologies.
The payment platform facilitates consumers to keep track of all their loyalty memberships, total points, their worth, next expiry and transaction history among others.
“Close to ₹1.15-lakh crores in India is spent every month by Indian consumers who make multiple purchases through just credit and debit cards. On these spends, we earn rewards, not just from the banks but even by the brands, both offline and online. These points are simply lying idle and unused because they stay hidden,” Amit Koshal, Founder & CEO, TWID, said.
“By bringing the points in rotation, we’re ensuring a boost to digital transactions in the country through incremental swipes and spends on cards, net banking and UPI. We will also facilitate additional earning on the same transaction for both our partners and consumers,” he added.
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