Rewards-based payment network TWID (That’s What I Do) on Monday said it raised $2.5 million led by BEENEXT and Sequoia Capital India’s Surge. The round also saw participation from angel investors Kunal Shah, Rajul Garg and YourNest India.
The Singapore and India headquartered startup connects customers with merchants to pay with points earned from a “Point Issuer” programme. The platform empowers banks, brands, acquirers, and customers to make their programme completely business viable and employ a contactless payment mode for offline payments or as a checkout option on online merchants using “Pay with Rewards.”
Its ‘Pay with Rewards’ platform has worked with brands like PayU, NPCI’s nth Rewards, IndusInd Bank, Jiomart, TimesPoint, and more, and has been used for over one million transactions within the first six months of launch.
Speaking on the development, Amit Koshal, Co-founder, TWID, said,
“With our 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. 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.”
TWID Founders (L-R): Amit Sharma, Amit Koshal and Rishi Batra
TWID claims to have processed over one million transactions to date.
“TWID is creating a completely new network for how we all view rewards. The platform has the same long-term potential as the traditional payment networks we see today. Issuers can convert rewards from liability to income streams, while merchants and acquirers can benefit from improved conversion and are provided with more options at checkout,” said Hero Choudhary, Managing Partner, BEENEXT.
TWID was founded in October 2020 by Amit Koshal, Amit Sharma, and Rishi Batra. Amit Koshal and Amit Sharma both held leadership positions at Intuit, while Rishi led investments at Bennett Coleman and Company (The Times Group).
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.