GLASGOW-based Swipii has secured funding of £1 million into its cashback app. The investment has been made by Scottish private equity company Par Equity, which is an existing investor in the business.
Swipii aims to be the simplest way for consumers to earn cashback as they shop. Once someone has securely linked their bank payment card to the app, they automatically earn cashback every time they pay with that card in a participating retailer. There is no need to scan codes or carry multiple reward cards.
The app is just as simple for retailers. It provides them with an automated marketing tool to better understand the habits and needs of their customers. All a business needs to do when they sign up is to set a cashback amount to offer – there is no hardware integration required or staff training. Cashback amounts can be varied to attract repeat visitors or to encourage more footfall at low peak times.
To date Swipii has focused its product on the Glasgow market to validate the value the app generates for both consumers and local businesses. The funding will help support the company’s product development as it plans to launch further innovative features for its business customers over the coming months, before taking the product to new towns and cities.
CEO and Co-founder Louis Schena commented:
“Our ultimate goal is to help businesses of all shapes and sizes to thrive on our high streets. We can only do that if we offer a product that is ten times easier to use and offers ten times more value to consumers and retailers, than anything already out there today.”
“Local businesses tell us that marketing tactics such as heavily-discounted deals can erode the true value of the product they offer and don’t enable bring the long-term value they are looking for. We’ve obsessed about getting our product right to enable businesses to attract and retain customers in a cost-effective way. The additional funding will enable us to further invest in features which will benefit both consumers and businesses.”
Par Equity partner Paul Munn comments:
“We have been working with Swipii for over a year now and have been impressed by how focused the team are on driving the most value for both consumers and businesses. The team have, in that time, moved with pace to test and launch key new product features and we’re looking forward to seeing some of the team’s ongoing projects come through to fruition ahead of its expansion plans.”