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TWID, a reward-based payments application has secured ₹10 crore as part of its seed round of funding from SCV LLC. The fintech platform TWID said that it plans to use the funds to onboard more than 50 brands and banks with their rewards pool, over 300,000  merchant base to accept TWID as a mode of payment and over 3 million active users to transact using TWID, cited Inc42. 

Amit Koshal, Founder and CEO of TWID said, “Close to Rs 1.15 lakh crore is spent every month by Indian consumers who make multiple purchases through just credit and debit card. On these spends, we earn rewards not just from the banks but even by the brands, both offline and online. These points are simply lying idle and unused because they stay hidden. TWID makes rewards more valuable. By bringing the points in rotation, we’re ensuring a boost to digital transactions in the country through incremental swipes and spends on cards, net banking, and UPI.”

TWID was launched by Amit Koshal in early 2019. The platform TWID is a mobile-first platform which empowers its users to track all the rewards and loyalty points at one place, and spend them like cash across many online and offline retail stores, making their existing and future reward points valuable.

TWID will also facilitate additional earning on the same transaction for both its partners and consumers, Koshal added.

According to the founders, TWID’s partner banks and brands are leveraging the platform to take the value of their rewards to an all-new level for a multi-fold increase in their consumer engagement and steep growth in their businesses.

Within the first year of operation, the platform is looking to on-board more than 50 brands and banks with their rewards pool.

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