WeGift raises £26m Series B with plans for North American growth
The fintech helps brands incentivise their customers through payments and digital rewards.
Despite economic headwinds, digital payments fintech WeGift today closed a £26m Series B funding round from a range of new and existing investors.
The fresh funding comes from new investors Element Ventures, which led the round, Clocktower Ventures and Volution Capital. Existing backers CommerzVentures, AlbionVC and SAP increased their investments in the company.
WeGift is a payments platform that lets brands easily incentivise customers through e-gift cards, payments and digital rewards—think refer-a-friend bonuses.
The business has added 100 new brands to its platform in 2022 alone, including Airbnb, Nike, Aldi and Instacart.
Aron Alexander, WeGift’s CEO and founder, said the raise would help “accelerate our growth”, with the business already doubling its revenue annually every year since its founding in 2016.
In particular, the cash will go towards expanding WeGift’s payments network, with growth in new geographies including a focus on North America.
“Innovations in payouts have been few and far between, leading to solutions that no longer match the speed with which business operates,” added Alexander.
“Our digital currency network gives corporate and platform users powerful tools to incentivize, reward, drive conversion, disburse funds and more.”
WeGift recently surpassed 120 employees, with further hiring expected on the back of this new funding.
Recent new appointments include Robert Lang, a special partner at Vitruvian Partners who joined the board in August as chair, Brendan Miller, formerly of Rapyd who joined as chief marketing officer, and Ashley Stepien, formerly of Ramp who joined in an advisory capacity.