WeGift will use the investment to expand its digital currency network. Credit: Philip Veater on Unsplash.

UK-based digital payments firm WeGift has raised £26m in its Series B funding round to accelerate business growth.

The round was jointly led by Element Ventures, Clocktower Ventures and Volution Capital.

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WeGift’s existing investors such as CommerzVentures, AlbionVC and SAP also participated in the latest round.

WeGift, which developed a platform for brands to offer customers with digital rewards and incentives, will use the investment to expand its digital currency network.

The fund will also be used by the company to foray into new geographies, primarily in North America.

The payments startup, which currently employs 120 people, plans to further expand its team size, and add new features and functionality to its platform.

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WeGift CEO and founder Aron Alexander said: “We’re building the world’s leading infrastructure for moving stored value, and these funds will help us accelerate our growth.

“Innovations in payouts have been few and far between, leading to solutions that no longer match the speed with which business operates. Our digital currency network gives corporate and platform users powerful tools to incentivize, reward, drive conversion, disburse funds and more.”

The company, which has doubled revenue each year since its inception, has recently added many new customers and brands added to its network.

Mike McFadgen, partner at Element Ventures, said: “Element Ventures is honoured to partner with WeGift on their journey to becoming a global digital currency network.

“They’ve created a simple, elegant solution to an extremely complex problem, and they have fantastic traction. They’re well positioned to have a major impact on how value moves and commerce functions. We look forward to working with them in the years to come as they revolutionise payouts.”