The company said it will use the funds to expand its merchant acceptance network, hire new data and analytics professionals, and drive further technological innovations.
The company also plans to double its headcount by the end of the current financial year.
Founded in 2020, Twid combines different reward systems from different issuers on one platform. With Twid, consumers can access all their reward points from banks, brands, travel and restaurants on one platform and make payments for their daily spending.
The platform works with payment gateways and payment providers to integrate its solution and allow users to use their rewards for payments.
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Rewards platform Twid has an acceptance network of 100,000 online and offline merchants, the company said.
“When raising funds, we will continue to focus primarily on expanding our network and rewards in the coming months. We will also look to incentivize more innovation for issuers and look for products and platforms for merchants to accelerate their growth,” Amit Koshal, founder and CEO of Twid, told ET.
The company currently has 40 million registered users, Koshal said.
As part of the deal, Rakuten India CEO Sunil Gopinath will join Twid’s board of directors.
“Rakuten Capital sees huge potential and future synergies in this investment. With our global membership products being developed here in Bangalore by Rakuten India, I am thrilled to be joining the Twid board of directors and look forward to working with (co-founders) Amit Koshal, Rishi Batra, Amit Sharma and their very capable team to transform how reward points are used in India,” Gopinath said.
Last June, fintech player BharatPe announced it had acquired multi-brand loyalty platform Payback India to roll out rewards and loyalty programs for customers. In April 2021, merchant payments platform Pine Labs also announced it was acquiring Singapore-based loyalty return startup Fave for $45 million to enter the consumer payments category.