Digital receipts fintech Slyp has closed a $25 million Series A with the backing of Australia’s big four banks, and plans to use the fresh cash to launch new products and features on its platform.
The oversubscribed funding round was supported by new investors such as advisory and investments firm Sayers Group, alongside additional investment from the nation’s largest banks.
While NAB was the first bank to integrate the fintech’s software, Slyp is now working with other financial institutions, as well as buy-now-pay-later providers to get its tech in the hands of millions more Australians.
“We’re delighted to officially announce our Series A. Thanks to the growing and unwavering support of our investors and partners, Slyp is on track to make Smart Receipts available to half of all Australians by the end of this year,” co-founder Paul Weingarth said.
“The funds raised will be invested directly into our unique technology that enables Slyp to deliver the most seamless, intuitive, and sustainable proof of purchase in the world, while building new products to improve the entire purchase experience.
“This year, we will be laser-focused on expanding our presence within the in-store retail and hospitality ecosystem, working closely with Australia’s retail network and leading banks to switch off the paper receipt and transform the customer checkout experience, for good.”
Founded in 2017 by former PayPal executives Paul Weingarth and Spiro Rokos, alongside former ANZ group data officer Mike Boyd, the fintech delivers ‘smart receipts’ inside of banking apps, cutting out the need for paper in a transaction altogether.
More than 880 stores and venues are now using the platform, including Chemist Warehouse, Mitre 10, JD Sports, Harris Farm and Hunter St Hospitality and Pacific Concepts.
Slyp is also looking to expand beyond smart receipts by introducing a product that will allow customers to link their loyalty cards to their payment cards, which will be released later this year.
Since launching smart receipts in late-2020, 1.2 million have been sent to a customer’s NAB app or via SMS in the last 12 months.
“Creating seamless digital experiences for our customers is a key investment focus for NAB Ventures and Slyp Smart Receipts has been a perfect fit. The economy is becoming increasingly digitised and Slyp’s technology is creating a more convenient and sustainable experience for our customers,” NAB Ventures managing director Todd Forest said.
“We’re proud to be an inaugural investor since 2018 and it’s been great to watch the company grow.
“Since becoming the first major bank to integrate the Slyp solution into our mobile banking just over a year ago, the feedback from NAB customers has been overwhelmingly positive. It’s been really pleasing to see more and more partners sign-up to Slyp and it made the decision to reinvest our next natural move.”