Swych closes Series A Funding Round with Lead Investment from UAE Exchange Group
UAE Exchange Group leads Series A investment round and will leverage the award-winning Swych platform to offer digital gifting services to its global consumer base, enabled through purpose-based remittances.
Abu Dhabi: Swych, Inc., the pioneer of the revolutionary Swych™ digital gifting platform, today announced the successful completion of its Series A round, with a major strategic capital investment by UAE Exchange Group, a leading global money transfer, foreign exchange and payment solutions provider.
Through this partnership, the two brands seek to tap into their collective strengths and customer base to develop a symbiotic relationship that will deliver a convenient and enriched digital gifting experience, unrestricted by borders.
Gift cards have become the de facto choice among consumers for gifting services in many markets across the world.Swych offers a global, scalable digital gift card platform as a clear solution for global gifting services. By allowing distribution of relevant digital gifts internationally that are instantly delivered and can be redeemed by the recipient at a local retailer of their own choice, Swych global gifting eliminates the hassles and makes gifting instant, delightful and satisfying for both the sender and the recipient.
Currently available in the United States, Swych will closely collaborate with UAE Exchange to develop and promote digital gifting services in major markets, leveraging the global reach of UAE Exchange.The service between the United States and India is targeted as the premiere launch.
Promoth Manghat, CEO of UAE Exchange Group, said, “Swych’s global gifting technology and vision fits well with our strategy to foster purpose-based money transfers. As a group, we are always on the lookout for opportunities to partner with organizations that drive innovation, provide differential services and promote digital initiatives. In Swych, we see a unique value proposition that checks all these boxes. Additionally, this enables us to expand our offerings to include digital gifting services for our consumers worldwide. We are glad to be a part of this innovative journey with Swych.”
Deepak Jain, CEO and Founder of Swych, added, “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.”
Launched in 2016, Swych has rapidly built a large network of 120+ US retailers, offering digital gift options and providing the never before option for consumers and enterprises to send “Swychable” gift cards that can be digitally redeemed by the recipient at any of the retailers on the Swych app. Swych is in the process of connecting 100+ retailers from India, the Philippines and several other countries to its network, thereby bringing to market the first ever globally connected network of retailers with a combined choice of millions of products or services that gift recipients can choose to spend their gift on.Swych has built a technologically superior platform with a large number of unique features seen for the first time in the digital gifting space. The Swych mobile app is available to consumers in the United States on both Android and iOS platforms while enterprises and businesses can access the Swych gifting platform through its patent-pending GiftBot platform or its “Gifting as a Service” APIs. All gifts or incentives sent on the Swych platform are highly personalized, either through a selected brand, an occasion-based gift option, or a customized photo card and message from the sender. All gifts can be “swyched” by the recipient to any brand or retailer in the Swych app in their own country and currency.
About UAE Exchange Group
“UAE Exchange” is a leading global money transfer, foreign exchange and payment solutions brand, headquartered in Abu Dhabi, United Arab Emirates. Established in 1980, today, it is one of the widest accepted globally networked remittance brands and a pioneer in digital adoption.
UAE Exchange, spread across in five continents from Americas to Oceania, operates in 28 countries with a strong network of over800 direct offices and more than 200,000 agent locations in above 160 countries and offers digital services including prepaid cards, online money transfer facilities, mobile-based applications and kiosks in many major markets. Over 9000 professionals, representing 40+ nationalities, collaborate every day to ensure consistent and enriched customer experience is delivered across multiple channels, bringing complete delight to more than 15 million customers worldwide.
This customer-centric ethos combined with a quality-driven approach, constant innovation in products and processes, and the deployment of latest technological advancements across all retail operations and digital channels sets UAE Exchange apart from its peers.
UAE Exchange Group is ISO-certified and has been honored internationally for its commitment to Quality Management, winning the European Society for Quality Research (ESQR) Quality Achievement Award and the Dubai Quality Gold Award. It is a member of prestigious associations, including the World Economic Forum and the United Nations Global Compact. The brand has been globally recognized and awarded for its corporate citizenship, customer service initiatives and business excellence.
For more information about UAE Exchange Group, visit www.uaeexchange.com.
Swych’s patent-pending mobile gifting platform enables users to send “swychable” gifts from their mobile device that can be instantly redeemed for electronic gift cards from more than 120 popular brands. Swych users can instantly buy, send, re-gift, upload, Swych and redeem gift cards conveniently from their mobile device. Swych is a private company funded by seasoned angel investors from the banking, financial services, payments, gifting, telecom and enterprise computing space. Swych is headquartered in Plano, Texas, with offices in San Francisco, California. For more information please visit www.goswych.com. To download the award-winning Swych app, click here.
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