UAE Exchange Group Invests In US-Based Digital Gifting Platform Swych Currently available only in the US market, Swych looks to leverage the reach of UAE Exchange to grow its digital gifting services in emerging global markets.
By Sindhu Hariharan •
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US-based startup Swych Inc., the enterprise behind digital gifting solution Swych, has closed a Series A funding round securing undisclosed investment from the UAE Exchange Group, a money transfer, forex, and payment solutions provider in the Emirate. Currently available only in the US market, Swych looks to leverage the reach of UAE Exchange to grow its digital gifting services in emerging global markets. With emergence of a new generation that pick gift cards as a gifting choice, Swych's patent-pending platform allows such users to send "swychable" gift cards from their smartphones that can be instantly redeemed from over 120 prominent brands.
Commenting on the investment, Promoth Manghat, CEO, UAE Exchange Group noted that: "We are constantly looking out for the right investment opportunities and work closely with a network of venture investment firms, accelerators and advisors, who help us pursue the right partnerships." He also said that their investment approach is based on three key factors namely, "having a truly differentiated USP, the technology and IP [intellectual property] assets of the firm in question, and last but not the least commercial synergies with our operations. Swych checks all these boxes, and very soon you will see our offerings expand to include Swych's digital gifting services portfolio as well."
In some more good news for the region's entrepreneurs, Manghat added that the UAE Exchange Group "has already defined an investment of US$250 million towards inorganic growth pursuits designed to further our digital initiatives," and this includes a focus on startup investments. He stresses that the corporation is keen to support innovators, and do their bit to foster the startup culture in the UAE and the larger MENA region. "For instance, we have partnered with ADGM [Abu Dhabi Global Market], the DIFC Fintech Hive, and the New York University Abu Dhabi's startAD program as a corporate partner for various fintech incubation and accelerator programs that are being pursued under their ambit," he adds.
In a statement, Deepak Jain, founder and CEO, Swych said, "We are delighted and honored to welcome UAE Exchange as a strategic partner and major investor. The capital infusion, vote of confidence and access to the huge market reach of a world leader like UAE Exchange will greatly accelerate Swych in its mission to become the leader in digital cross-border gifting services globally." On its part, the UAE Exchange Group counts sectors such as blockchain, robotic process automations, and payment technology as its focus sectors, and Manghat draws attention to their recent investment in Loyyal, a blockchain loyalty solution, as an instance of their enthusiasm in the field. With the region's large enterprises increasingly sealing collaborations and investment deals with upstarts, it looks like a good time for the region's aspiring entrepreneurs to take the plunge with their ideas.
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