Alviere announced on October 12, 2021 that it had raised $70 million across two rounds: a $20 million Series A closed in April and a subsequent $50 million Series B. The headline figure combined those rounds rather than representing a single $70 million Series B. [S01]

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Table 1

Round

Amount

Timing disclosed

Series A

$20 million

April 2021

Series B

$50 million

Follow-on round announced October 12, 2021

Combined funding

$70 million

Both rounds combined

Viola Ventures and Viola Fintech led the Series A. Alviere said the follow-on round involved institutional fintech investors and returning backers, alongside new participants. The company planned to use the capital for commercial expansion, including Europe and Latin America beyond its North American base. [S01]

Gift cards within an embedded-finance platform

Alviere’s HIVE platform offered financial capabilities through an API, with gift cards and loyalty listed alongside accounts, payment services and other card products. The intended customers were established organisations seeking to add financial services to an existing customer relationship. [S01]

That broad scope makes product boundaries important. A gift-card programme, a deposit account and a remittance service are distinct services, even when one supplier offers access to them through a common technical interface. The release did not set out the terms of a specific new gift-card programme.

Funding is an input, not an operating result

The announcement established new capital and expansion intentions. It did not quantify the revenue or profit generated by the gift-card part of the platform, and the expansion plans should not be treated as proof that each market was already live.

For brands considering embedded rewards, the relevant implementation questions remain concrete: which service is available in the required market, who fulfils the customer promise and what evidence supports the commercial case.