TWID (That’s What I Do), a rewards-based payment network, on Monday said it has raised USD 2.5 million (about Rs 18.5 crore) in funding led by BEENEXT and Sequoia Capital India’s Surge. The round also saw participation from angel investors Kunal Shah, Rajul Garg, and YourNest India, a statement said. Surge is a rapid scale-up program by Sequoia Capital India for startups in India and Southeast Asia. TWID is part of Surge’s fifth cohort of 23 companies that have developed new digital solutions to help companies and individuals work, live, and learn better in a rapidly evolving post-pandemic world.
“At TWID, our mission is to revolutionise the current fragmented and siloed reward points ecosystem, by introducing one platform which unifies these rewards, through a seamless one click’ experience. Our platform brings back the repeatability and deeper engagement between merchants and brands, and their customers,” TWID co-founder Amit Koshal said in a statement. With a wide network of issuers, merchants, brands, and consumers, TWID injects life and liquidity into the current payments ecosystem, bringing about a greater volume of transactions than before, he added.
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“The value of the network only grows with each additional brand we partner with and we look forward to making the network even more profitable in the near future, he said. TWID was founded in Bengaluru in October 2020 by Amit Koshal, Amit Sharma, and Rishi Batra. Headquartered in both Singapore and India, the company brings together different rewards points systems across issuers, and converts the points into a fungible payment instrument, to be used universally across TWID’s network of merchants and brands.