Today, we are pleased to announce that our portfolio company, Tillo, has acquired Amilon, the long-standing market leader in digital incentives, gift cards and employee benefits in Italy. Tillo is a global rewards, incentives and gift card platform, connecting businesses with more than 4,000 global brands through its market-leading API. Tillo continues to demonstrate strong growth, with gift card face value sales transacted through the Tillo Network growing by 30% year-on-year.
The acquisition significantly strengthens Tillo’s international capabilities, creating a global leader in rewards, incentives and gift card infrastructure. Together, the business expects to process more than £3 billion worth of gift cards in 2026, with expanded scale, supplier reach and market access across Europe, North America and APAC.
Based in Italy, Amilon pioneered the country’s digital gift card market and has built an outstanding reputation for its expertise in digital incentives, gift cards and employee benefits. The acquisition further strengthens Tillo’s presence across Europe, while expanding the combined business’s capabilities in employee benefits and opening new distribution opportunities for brands across global consumer markets.
Alex Preece – CEO and Co-Founder of Tillo, commented:
“This is an incredibly exciting landmark moment for Tillo and for our industry. From our very first conversations with the Amilon team, it was clear we shared the same belief in where rewards, incentives and engagement are heading, and the role they play in creating genuine connections between brands, businesses, and consumers.
Amilon has built an outstanding business over two decades, trusted by leading Italian and international enterprises and known for exceptional standards of service and expertise.
Joining forces gives us the opportunity to combine our strengths and build an international digital value platform with the depth and reach to shape the future of this industry. Equally important, we’ve found a team whose culture and values strongly align with our own, and I’m proud to welcome them as partners into the Tillo Group.”
Maria Tozzi Spadoni and Gareth Healy – Investment Team at Tenzing, added:
“Since backing Tillo in 2025, we have been continually impressed by the strength of the leadership team and the pace at which they have scaled the business internationally. The acquisition of Amilon is a natural next step in that growth story – it brings together two founder-led, profitable businesses with a shared culture and a complementary footprint across the UK, Europe and beyond.
We are proud to continue supporting Alex and the Tillo team and delighted that Andrea and Fabio are reinvesting alongside us as we build the leading platform for rewards, incentives and gift cards globally.”
Pictured – L-R: Andrea Verri (Co-Founder & CEO, Amilon), Alex Preece (Co-Founder & CEO – Tillo), Fabio Regazzoni (Co-Founder & CEO, Amilon)
