Finablr takes majority stake in digital gifting firm Swych
Payments and foreign exchange solution platform, Finablr, has boosted its stake in – and become a majority shareholder of – digital gifting platform, Swych. The investment adds to Swych’s Series B round, and will enable the company to reach a broader international audience via Finablr’s 160+ country network, reports David Penn at Finovate.
Finablr CEO and executive director Promoth Manghat praised Texas-based Swych for its “distinctive business proposition that complements the services offered by the Finablr network brands”. Those brands include UAE Exchange, Xpress Money, Unimoni, Remit2India, and Ditto.
The partnership will be managed by Swych Blockchain Labs, a Swych subsidiary built to develop and incubate blockchain, payments, digital wallet, and cross border e-commerce solutions.
This will enable the two firms to offer Swych’s personalised digital gift and incentive solutions to consumers and businesses.
Last month, Swych announced an agreement in which its digital gift card technology will power Travelex Pay, a cashless spending solution from Travelex hosted within messaging app WeChat.
In August, the company reported that it was leveraging its acquisition of GiftCardsIndia to bring its blockchain-based gifting solutions to international markets.
Swych has 50,000 registered users in the US and 100,000 users in India. With total global revenues near $20 million, the company reports more than 50 corporate customers.