UAE firm invests in US digital gifting service
Money transfer company UAE Exchange Group makes investment in Swych
Digital gifting platform Swych Inc has announced the successful completion of its Series A funding round, with a major strategic capital investment by UAE Exchange Group, the money transfer, foreign exchange and payment solutions provider.
Currently available in the United States, Swych will 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.
UAE Exchange, which has a dominant presence in the UAE, with close to 150 branches spread across the seven emirates and 17 branches in the Dubai metro stations, did not disclose the value of its investment.
Swych offers a global digital gift card platform as a solution for global gifting services.
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."
Deepak Jain, CEO and Founder of Swych, added: "We are delighted and honoured 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 more than 120 US retailers, offering digital gift options. Swych is in the process of connecting 100+ retailers from India, the Philippines and several other countries to its network.