WeGift, which claims to be one of the industry leaders in digital payouts, announced the closing of a £26 million Series B, furthering its mission “to allow anyone to transfer any digital currency more freely across the globe.”
New investors “included Element Ventures, which led the round, along with Clocktower Ventures and Volution Capital.” Existing investors “including CommerzVentures, AlbionVC and SAP increased their investments.”
WeGift claims it is “at the forefront of the payouts revolution, making digital currency and stored value of any kind move more efficiently among organizations, merchants and individuals.”
The company has “doubled revenue annually every year since its founding, and expects that trend to continue.” These funds will be used “to expand its digital currency network, support growth in new geographies – with a focus on North America – make key hires, and add new features and functionality to its already-robust solution.”
Aron Alexander, CEO and founder, 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 incentivize, reward, drive conversion, disburse funds and more.”
Mike McFadgen, partner at Element Ventures, remarked:
“Element Ventures is honoured to partner with WeGift on their journey to becoming a global digital currency network. 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.”
The investment comes “at an exciting time for WeGift.” The company “surpassed 120 employees in October and recently announced major wins in new customers and brands added to its network.”
So far in 2022, WeGift has “added well over 100 brands, including AirBnB, Nike, Instacart, Dunkin’, Aldi and many more.” New customers “include Mint Mobile, WishList, ThanksBen and Xoxoday.”
Among those new additions are “a number of key members of the leadership team.” Robert Lang, special partner at Vitruvian Partners, “joined in August as Chairman of the board.” Brendan Miller, formerly of Rapyd, joins the company “as Chief Marketing Officer, and Ashley Stepien, formerly of Ramp, has joined in an advisory capacity.”
Heiko Schwender, a partner with CommerzVentures and a Series A investor, commented:
“There’s an enormous and growing need for instant, efficient payouts. WeGift are at the convergence of a massive opportunity created by a blend of factors, including remote work, the gig economy, eCommerce adoption and increased customer expectations. They’re a true innovator at the forefront of an industry with huge growth potential, and we’re thrilled to take this journey with them.”
As noted in the update, WeGift enables “some of the largest and most-influential companies to disburse funds to the people they serve for rewards, refunds, rebates, remittances and more.”
The WeGift network “connects merchants, individuals and organisations to instantly send digital currencies around the globe.”
WeGift removes friction “to make payouts fast, affordable, effortless, and personalized. Operating in more than 30 countries, 20 currencies and more than a dozen languages,”
WeGift’s catalogue “includes more than 1,500 beloved brands from around the world.”