Fintech platform Twid raises $12 mn in Series A round, onboards Google as investor

Reward point-based payment solutions platform Twid announced that it has raised $12 million in a Series A funding round led by Tokyo-headquartered Rakuten Capital to "bolster its merchant and issuer network across India."

This round also saw participation from tech giant Google, ICMG Partners, JAFCO Asia, January Capital, and Reddy Futures Fund in addition to the existing investors, BEENEXT and Sequoia India's Surge, the firm said in a statement.

Following the closure of this funding round, Rakuten India CEO Sunil Gopinath will join the board of directors of the company.

Further, Twid said that the newly raised capital will be utilised for scaling and building the merchant and issuer network, expanding product roll-outs, building tech capabilities, primarily in data science and hiring more talent.

Speaking on the funding, Twid ‘s Founder- CEO Amit Koshal said, “We are bringing together various industry stakeholders nudging them towards a cashless ecosystem and future. By enabling Reward Points to be ubiquitous and fungible, we are witnessing very high customer delight. Customers are able to stay updated with their points and are able to save, earn and pay everytime when using “Pay with Rewards''. This reaffirms our approach to delivering long term value to merchants, issuers and customers.”

He further added, “We are happy to have mission-aligned investors who are also helping us with global expertise in technology. This investment will accelerate our next phase of growth, further strengthening our innovations, product and offerings.”
 
“Rakuten Capital sees tremendous potential and future synergies in this investment. Given our global membership products are developed here in Bengaluru by Rakuten India, I'm thrilled to join the Twid board of directors and look forward to working with Amit Koshal, Rishi Batra, Amit Sharma and their very capable team to transform the way reward points are viewed and used in India,” added Sunil Gopinath, CEO of Rakuten India.