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WeGift raises £26m

WeGift raises £26m

WeGift, a UK-based digital payouts firm, has closed a £26 million Series B funding round led by Element Ventures.

Clocktower Ventures, Volution Capital, CommerzVentures, AlbionVC and SAP participated in the round.

WeGift's digital payouts technology is used by clients including AirBnB, Nike, Instacart, Dunkin’ and Aldi to get rewards, refunds, rebates, remittances and more to customers.

The firm says it has doubled revenue every year since launch in 2016 and will use the new funding to expand its digital currency network and support growth in new geographies - with a focus on North America.

The firm also plans to add to its 120-strong team, building on recent hires such as the appointment of Rapyd's Brendan Miller as chief marketing officer.

Aron Alexander, CEO, WeGift, says: "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."

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