Swych, a digital gifting startup based out of the US, has announced that it has raised a Series A round from UAE Exchange, a UAE-based remittance and forex service provider in the country.
Although financial details of the deal were not disclosed, a statement said that the investment would allow the forex and remittance service to offer digital gifting services to its global consumer base.
Swych is currently available in the US, where it offers a digital gift card platform.
Launched in 2016, Swych claims a network of 120+ US retailers. To use the service, the “senders” can send “Swychable” gift cards that to “recipients.” Using the Swych app, recipients of such digital gift cards can then redeem them at listed local retailers.
Under the deal, Swych will closely collaborate with UAE Exchange to develop and promote digital gifting services in major markets.
To begin with, the two will collaborate to develop a service between the US and India.
Swych claimed that is in the process of connecting 100+ retailers from India, the Philippines, and several other countries to its network.
Gifting apps have received the attention of local investors and organizations.