Payment services provider Finablr has raised its stake in digital gifting platform Swych during a recent series B financing round. The deal makes Finablr the majority shareholder in Swych.
The payment services firm intends to bolster Swych’s international gifting network through its existing base and footprint.
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Swych’s current digital gifting network includes retailers across the US, India, Philippines, Canada, the UK, Australia and the UAE. The company is planning to expand to Japan and Latin America in the future.
The companies will also jointly work at Swych Blockchain Labs to deliver innovative gifting and payment services for both consumers and businesses.
Located in Texas, US, the Swych centre of excellence focuses on the development of fintech products across blockchain, payments, digital wallets and cross-border e-commerce.
Finablr executive director and CEO Promoth Manghat said: “Swych has a distinctive business proposition that complements the services offered by the Finablr network brands. We have collaborated closely with Swych’s high-calibre team on exciting projects over the last year. We will seek to continue building on this successful partnership through our majority stake in the company.”
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By GlobalDataSwych founder and CEO Deepak Jain said: “The presence of Finablr network companies in key international markets with millions of consumers has the potential to greatly accelerate Swych’s mission. Finablr network brands’ entrepreneurial culture combined with its focus on innovation and strong team is highly synergistic with our own core values at Swych.”
Last month, Swych formed an alliance with Travelex and WeChat to introduce the Travelex Pay service for people travelling from mainland China to the US.
