- WeGift is a UK startup which provides digital corporate rewards and incentives.
- WeGift works with 526 brands operating in more than 26 countries.
- The company raised £4 million in Series A funding.
WeGift is a UK startup which has developed a platform allowing businesses to issue digital rewards to customers efficiently. WeGift was founded in 2016 after Aron Alexander was surprised to receive a £5 physical voucher refund in the post. He realised that businesses were failing to make use of far more convenient digital rewards and incentives which can be handled online.
The company places focus on digital non-cash rewards that help businesses with customer acquisition, retention and loyalty. A recent UKGCVA study showed that almost 75% of consumers see rewards as an attractive incentive. Businesses are catching on to this, and as a result, the gift card market is exploding. According to Incentive and Motivation, the corporate rewards and incentives industry will be worth almost $700 billion by 2024.
How Does It Work?
The cloud-based WeGift platform offers an open API to automate the delivery of digital rewards. This provides an efficient alternative to the complex systems and processes available to retail businesses. The company states “WeGift has solved this by democratising access to digital rewards. We’re removing complexity by building a ritualised payments infrastructure through APIs simple enough for any developer to use, yet robust enough to power the world’s most demanding applications.”
The platform provides a choice of 550 global brand rewards accessible immediately through an API. WeGift unifies processes to save time for companies and make marketing campaigns faster to set up, more agile to manage and trace. WeGift utilises tracking and data analytics so that businesses can keep track of who redeemed what and where. As a result, WeGift can reimburse companies for unredeemed rewards, making the model more efficient and equitable.
WeGift has partnered with Coinbase to offer Cryptocurrency Exchange. The platform allows users to spend crypto easily, offering e-gift cards from some of the world’s biggest brands.
WeGift works with 526 brands operating in more than 26 countries. The impressive client list includes Apple, Halfords and Uber.
In June 2019, WeGift raised £4 million in Series A funding led by Stride.VC. Investors included SAP.iO fund, Unilever Ventures, James Hind (founder of Carwow,) and Eamon Jubbawy.
In November, WeGift received the award for best prepaid card solution in the 2019 Annual Payments Awards.