TWID is a rewards-based payment network, announced that it has secured $2.5 million in funding from BEENEXT and Surge, Sequoia Capital India’s rapid scale-up program for startups in India and Southeast Asia. In addition to Kunal Shah, Rajul Garg, and YourNest India, angel investors contributed to the round.
The Co-Founder of TWID, Amit Koshal, said, “At TWID, we strive to unify the currently fragmented reward ecosystem through a single platform that unifies rewards and provides a seamless, one-click experience. Our platform brings back the repeatability and deeper engagement between merchants and brands, and their customers, that these loyalty programs were originally intended for.”
In order to engage with customers and ensure repeatability, TWID offers reward point issuers a platform that allows them to save more on every purchase as well as earn more per transaction. Customers can choose a loyalty technology program from which to redeem points and use that to make purchases through the new ‘Pay with Rewards’ checkout option. With TWID, users can use their rewards points anywhere to pay cashless and frictionless.
Managing partner Hero Choudhary of BEENEXT explained, “TWID is creating a completely new network for how we all view rewards. The platform has the same long-term potential as the traditional payment networks we see today. Issuers can convert rewards from liability to income streams while merchants and acquirers can benefit from improved conversion, and are provided with more options at the checkout. We certainly look forward to a continued and long-term partnership with TWID.”
Technology platform TWID is aimed at solving the worldwide problem of rewards. By combining different reward points programs across issuers and converting them into a fungible payment instrument, the points can be used universally across TWID’s merchant and brand network.
