Digital payments startup WeGift has secured £26m in funding, a sizeable round for British fintech startups amid slowing later-stage investment.
WeGift has built a platform for brands to provide customers with digital rewards and incentives.
Working with companies like Nike, Aldi, and Airbnb, WeGift said the pay-out for its digital gift cards is instant and its API can be incorporated into partner brands across a wide range of industries.
“We’re building the world’s leading infrastructure for moving stored value, and these funds will help us accelerate our growth,” said WeGift co-founder and CEO, Aron Alexander.
“Innovations in pay-outs have been few and far between, leading to solutions that no longer match the speed with which business operates.”
Alexander added: “Our digital currency network gives corporate and platform users powerful tools to incentivize, reward, drive conversion, disburse funds and more.”
The Series B round was led by Element Ventures and also included participation from new investors Clocktower Ventures and Volution Capital, and returning investors CommerzVentures, AlbionVC, and SAP.
“[WeGift has] created a simple, elegant solution to an extremely complex problem, and they have fantastic traction,” said Mike McFadgen, a partner at Element Ventures.
“They’re well positioned to have a major impact on how value moves and commerce functions. We look forward to working with them in the years to come as they revolutionise payouts.”
The company’s previous funding round came in March 2021, when it received £8.7m.