Digital payouts FinTech WeGift closes £26m Series B Funding

By Gloria Methri

WeGift, the digital payouts platform closed its Series B funding round on £26 million. The investment was led by Element Ventures, along with Clocktower Ventures and Volution Capital. Existing WeGift investors CommerzVentures, AlbionVC, and SAP also joined the funding.

These funds will enable WeGift to expand its digital currency network, support growth in new geographies, hire more staff, and add new features to its solution.

“We are building the world’s leading infrastructure for moving stored value, and these funds will help us accelerate our growth,” said Aron Alexander, CEO and Founder. “Innovations in payouts have been few and far between, leading to solutions that no longer match the speed with which business operates. Our digital currency network gives corporate and platform users powerful tools to incentivize, reward, drive conversion, disburse funds and more.”

The investment comes at a time when WeGift is gaining new customers and brands added to its network. So far in 2022, the FinTech company has added over 100 brands, including Airbnb, Nike, Instacart, Dunkin’, and Aldi.

“WeGift is on a journey to becoming a global digital currency network,” said Mike McFadgen, partner at Element Ventures. “It has created a simple, elegant solution to an extremely complex problem, and they have fantastic traction. It is well positioned to have a major impact on how value moves and commerce functions. We look forward to working with the company in the years to come as they revolutionise payouts.”

Heiko Schwender, a partner with CommerzVentures and a Series A investor said, “There is an enormous and growing need for instant, efficient payout. WeGift is 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. It is a true innovator at the forefront of an industry with huge growth potential, and we are thrilled to take this journey with them.”