WeGift closes additional financing in $12 million funding round and welcomes new investor CommerzVentures, the FinTech-focused venture capital fund backed by Commerzbank. CommerzVentures joins existing investors, AlbionVC, who led the fundraise, as well as Stride.VC, SAP.iO Fund, and Unilever Ventures.
WeGift has already captured significant market share in the B2B digital rewards industry with customers like Habito, Perkbox, Seated, and Vodafone. They plan to invest heavily in go-to-market hiring, product development, and expanding into the U.S. This round will establish WeGift as the universal digital payouts platform for businesses.
“Currently payments are a one-way street,” said WeGift Founder and CEO Aron Alexander. “Existing solutions enable businesses to take money from consumers, but they don’t let them easily send it back. They’re stuck using banking and credit card networks that are slow, expensive, and poorly-suited for payouts. We help companies instantly transfer value to the people they care about,” he added.
The funding round occurs at a time when companies across all industries are looking to create digital-first experiences with their global audiences, whether external-facing like customers or internal-facing like employees. By removing friction from the payouts process, WeGift’s cloud-based platform and open API solution serve a broad set of needs for medium and enterprise businesses, including acquisition, retention, recognition, and reimbursements.
“The $700 billion rewards and incentives industry is ripe for disruption,” said CommerzVentures Partner Heiko Schwender who will serve as a WeGift board advisor. “With the mass adoption of all-digital, work-from-everywhere and live-from-anywhere, there’s an even greater need for a global, on-demand, instant payouts solution,” he added. The CommerzVentures portfolio includes banking infrastructure leaders such as Marqeta and Mambu, and will be instrumental in shaping the future of global financial services.