Leading rewards and incentives platform Tillo announces new investment partners

After conducting a competitive process and in a significant milestone for the business, Tillo, the leading rewards and incentives platform and global gift card network, announces its investment partnership with Tenzing, a growth investor specialising in tech and tech-enabled businesses in the UK and Europe.  

Over the past nine years, Tillo has seen exceptional growth, with gift card face value sales through its Network increasing by 50% year-on-year in 2024 alone.

The acquisition of Jigsaw Business Solutions and the launch of Tillo StoreFront, a white-label solution that makes it easy for businesses to sell gift cards directly to consumers without complex integrations, have further strengthened their offering. Today, Tillo operates across 37 countries and 25 currencies, with international expansion firmly in sight. Powered by rising demand for digital gift cards, greater automation, and the shift towards gift cards as a preferred payment method, Tillo is helping businesses to unlock new opportunities with speed, simplicity, and scale. 

With Tenzing’s expertise and backing, the new partnership positions Tillo for its next wave of profitable growth and opportunity to capitalise on the evolving competitive landscapes of its key UK and US markets. Tillo will benefit from the Tenzing team’s prior experience in the Incentives & Payments sectors and draw support from Tenzing’s growth team, including access to a Sherpa, Entrepreneurs Panel and a dedicated acquisitions director. Tenzing is investing alongside CEO and Co-Founder, Alex Preece, and the continuing management team in a fully secondary transaction to buy out early VC and angel investors in Tillo.   

Alex Preece, CEO of Tillo, states: “The partnership with Tenzing marks a significant milestone for Tillo. Tillo has been capital efficient and profitable for nine years, resulting in us not needing growth capital as we’ve built something really special, valued by our customers. After conducting a competitive process, bringing Tenzing on board as our new partner provides significant liquidity for our early shareholders and the Tillo Team of option holders and aligns us with a growth-focused investor who shares our vision and values, which is really important to me and my team.

“With the Tenzing team alongside myself and my leadership team, I’m even more excited about what lies ahead. The partnership will see Tillo pulling on Tenzing’s expertise to accelerate our impact for our partners, people, and the market. We’re more energised than ever about the future we’re building together.”

Robert Dighero, founding partner at Passion Capital, says: “It was a privilege to invest in Tillo almost nine years ago after seeing the talent, potential and ambition of co-founders Alex and Gareth. We have been impressed with how capital-efficient the business has been, after only raising £400k in its first round and a mere £1.3 million to date. It’s undeniable that Tillo’s technology unlocks value within the rewards and incentives industry and that Alex and his team are exemplary in leading the business from strength to strength. All of us at Passion Capital are excited to see what the future holds for Tillo.”

Gareth Healy, investment lead at Tenzing, comments: “We are thrilled to partner with Alex and team to invest in Tillo – we’ve been highly impressed with their ambition and track record, and are excited about the future ahead for the company. We see significant opportunities for growth in the US, continental Europe and further afield via continued product development and M&A, all while reinforcing the strength of The Tillo DifferenceTM. We look forward to sharing our expertise to accelerate this even further.”

Tillo is the fifth investment within Tenzing’s £900 million Fund III, which closed in 2024, and is one of twenty-one high-growth tech and tech-enabled businesses within the Tenzing portfolio. 

Tillo was advised on the investment by EMC Corporate Finance, Osborne Clarke, and Crowe.

Tenzing was advised by Simmons & Simmons, Raymond James, and EY.

About Tillo: Tillo makes gift cards, rewards, and incentives simple, efficient, and profitable. Tillo is challenging the market with a best-in-class, plug-and-go API that offers businesses seamless connections to 3,000+ global brands that their customers and employees love. Tillo is the first global gift card network purpose-built to make it easy for brands and buyers to unlock engagement and growth through sustained partnerships, helping people’s money go further, inspiring lasting loyalty, and building meaningful relationships. Tillo operates in 37 markets and 25 currencies, processing billions of dollars’ worth of gift cards through its award-winning platform. Tillo is headquartered in the UK, with offices in the US and Australia.

About Tenzing Private Equity: Headquartered in London, with hubs in Munich and Stockholm, Tenzing backs European B2B software and tech-enabled businesses valued between £10m and £200m. Tenzing seeks to partner with niche market leaders that have a track record of organic growth and high recurring revenue. Today, Tenzing has £1.7bn AuM and 21 portfolio companies. The Firm’s namesake, Tenzing Norgay, the Nepalese mountaineer who guided Sir Edmund Hillary on the first ascent of Mount Everest, symbolises the Firm’s commitment to guiding its portfolio businesses to the summit of their ambitions.