At a Glance
TWID, a rewards-based payment network, has raised $2.5 million in a round led by BEENXT and the Surge Fund of Sequoia Capital India. The firm, which is located in Singapore and India, links clients with merchants to pay using points earned through a “Point Issuer” scheme. Surge’s fifth batch of 23 companies includes TWID, which has developed unique digital solutions to assist businesses and individuals.
TWID (That’s What I Do), a rewards-based payment network, has announced that it has raised $2.5 million in a funding round led by BEENXT and Sequoia Capital India’s Surge. Other participants include Kunal Shah, Rajul Garg, and YourNest India. Surge is a scale-up program for startups in India and Southeast Asia.
The business, based in Singapore and India, links clients with merchants to pay using points earned through a “Point Issuer” scheme. Banks, brands, acquirers, and customers may use the platform to make their program entirely commercially viable by leveraging contactless payment for offline purchases or as a checkout option for online shops using “Pay with Rewards.”
Its’ Pay with Rewards’ platform has partnered with PayU, NPCI’s nth Rewards, IndusInd Bank, Jiomart, TimesPoint, and others. It has processed over one million transactions in its first six months. To date, TWID claims to have completed over one million transactions.
Amit Koshal, Amit Sharma, and Rishi Batra launched TWID in October 2020. Rishi oversaw investments at Bennett Coleman and Company, while Amit Koshal and Amit Sharma had top positions at Intuit (The Times Group).
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.Amit Koshal, Co-founder, TWID
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.Hero Choudhary, managing partner, BEENEXT
TWID is a part of Surge’s fifth cohort of 23 startups that have developed innovative digital solutions to help businesses and individuals work, live, and learn more effectively in a fast-changing post-pandemic environment.