Swych

Swych was a digital gifting platform that has since been acquired and its services integrated into Finablr's offerings. The company was founded in 2015 by Deepak Jain, who brought extensive experience from his time as a Senior Director at Visa and as a founding member of the team behind Google Wallet. This background in payments and mobile commerce directly shaped Swych's core concept.

The business operated primarily in the business-to-business (B2B) and business-to-business-to-consumer (B2B2C) sectors, providing a platform for enterprises to send digital gifts to their customers and employees. The service allowed recipients to receive a gift card and then "swych" it for a different retailer's gift card of equal or lesser value, offering flexibility and personal choice. This model catered to corporate clients, including financial institutions and loyalty programs, who used Swych's API to integrate digital gifting into their own applications. Revenue was generated by facilitating these gift card transactions for its corporate partners.

A key feature of the Swych platform was its patented technology that enabled the exchange of gift card values across different brands within a single mobile application. For consumers, the app provided a digital wallet to manage, send, and receive gift cards. For businesses, Swych offered a robust rewards and incentives solution that could be customized and branded. In 2019, Swych was acquired by Finablr, a global platform for payments and foreign exchange, for $45 million, marking a significant milestone for the company and its integration into a broader financial services ecosystem.

Keywords: digital gifting, gift card exchange, mobile wallet, corporate rewards, employee incentives, B2B platform, loyalty programs, payments technology, API integration, FinTech