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, 17 September 2017: 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.