By Steve O’Hear
WeGift, the U.K. startup that has developed a platform to let businesses easily issue e-gift cards and other digital rewards, has closed £4 million in Series A funding.
Leading the round is Stride.VC — the relatively new early-stage venture capital firm founded by Fred Destin and Harry Stebbings — alongside a number of other investors including including SAP.iO fund, Unilever Ventures, James Hind (founder of Carwow,) and Eamon Jubbawy (co-founder of Onfido).
The startup’s previous backers include Alex Chesterman, Charlie Songhurst, Simon Franks, Ascension Ventures, and Fuel Ventures.
“Currently payments are a one way street,” WeGift founder and CEO Aron Alexander tells TechCrunch. “Payments technology is built to enable businesses to take money from consumers but it doesn’t let businesses send money to consumers.
“We’ve created a new category of digital non-cash rewards to power customer acquisition, retention and loyalty globally: the ‘Twilio for e-gift cards’”.
Alexander says that historically businesses would offer a physical reward to power these use cases. For example, “open a bank account and get a free toaster (for my generation it was a free Filofax). In comparison, he says that e-gift cards are more appealing to consumers because they’re “easier to deliver than merchandise, they don’t get lost …read more
Source: Tech Crunch