Fintech firm Twid raises $12 mn to expand reward points-based service

Company has more than 40 million registered users and it works with 50,000 merchants

Twid, a reward point-based payment solutions start-up, said on Wednesday it has raised $12 million in a funding round led by Rakuten Capital.

The Series A round saw participation from Google, ICMG Partners, JAFCO Asia, January Capital, Reddy Futures Fund and existing investors BEENEXT and Sequoia India's Surge. Twid said it will use the funds for expanding its merchant network, product rollout, technology and hiring.

Sunil Gopinath, chief executive officer of Rakuten India, will join Twid’s board of directors on behalf of Rakuten Capital, the corporate venture capital arm of Rakuten Group.

Twid is a network effect platform that combines