Digital payouts firm WeGift revealed it had bagged a £26m funding injection today as it looks to tap into a wave of firms dishing out one-off payments to staff and customers.
London-based WeGift, which allows firms to send rewards to staff and customers around the world, said the cash would now be used to fuel its growth in North America.
Element Ventures led the Series B round alongside Clocktower Ventures and Volution Capital, while existing backers including CommerzVentures, AlbionVC and SAP boosted their investments.
The fresh funding round for WeGift comes as firms look to dish out payments to staff to help cope with the soaring cost of living this year. WeGift counts Nike, AirBnB, Dunkin’ and Aldi among its customer base, with the low cost grocer among the firms to have ramped up its pay for staff this year to cope with the rising cost of living.
“There’s an enormous and growing need for instant, efficient payouts,” Heiko Schwender, a partner with CommerzVentureswho backed the round said.
“WeGift are at the convergence of a massive opportunity created by a blend of factors, including remote work, the gig economy, eCommerce adoption and increased customer expectations.”
The firm is set to benefit firms bolstering their staff’s pay packets as inflation continues to run rampant and staff tighten the pursestrings.
Boss of WeGift Aron Alexander said innovation in the space had been slow off the mark and the firm was looking to build “the world’s leading infrastructure for moving stored value”.
“Innovations in payouts have been few and far between, leading to solutions that no longer match the speed with which business operates,” he said. “Our digital currency network gives corporate and platform users powerful tools to incentivize, reward, drive conversion, disburse funds and more.”
WeGift said it has doubled revenue annually every year since its founding in 2016 and expects the growth to continue.