TWID, a rewards-based payment network, has raised $2.5 million in funding led by BEENEXT and Sequoia Capital India’s accelerator program Surge. The round also saw participation from angel investors Kunal Shah, Rajul Garg and YourNest India.
TWID is part of Surge’s fifth cohort of 23 companies that was announced last week.
Founded in Bengaluru by Amit Koshal, Amit Sharma and Rishi Batra, TWID enables customer reward or loyalty points to be used as a payment instrument. The company’s technology allows reward point issuers, such as banks and fintech firms to connect with large merchant networks to enable redeeming points as a form of payment in both online and offline mode.
The platform has worked with marquee brands like PayU, the National Payment Corporation of India (NPCI)’s nth Rewards, IndusInd Bank, Jiomart, TimesPoint and more.
The eight-month-old startup, which is headquartered in both Singapore and India, claims to have been used for more than 1 million transactions within the first six months of launch.