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.
Officials from WeGift stated that there’s an enormous and growing need for instant, efficient payouts. 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 companies bolstering their staff’s pay packets as inflation continues to run rampant and staff tighten the purse strings. WeGift found that innovation in the space had been slow off the mark and the firm was looking to build an infrastructure for moving stored value.
The company’s digital currency network gives corporate and platform users powerful tools to incentivise, reward, drive conversion, disburse funds, and more.
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