Slyp Raises AUD 13.5 Million to Revolutionize Digital Receipts and Loyalty Programs
Slyp is a digital receipt and loyalty platform based in Australia. It allows customers to receive digital receipts and store them in a central location, making it easy to keep track of purchases and returns. Additionally, Slyp offers a loyalty program that allows customers to earn rewards and discounts based on their spending habits.
Slyp integrates with a retailer’s point-of-sale system, which automatically sends digital receipts to customers through their mobile banking app. Customers can then view and manage their receipts, as well as track their loyalty rewards and receive personalized offers.
One of the key benefits of Slyp is its focus on privacy and security. It uses advanced encryption and authentication methods to ensure that customer data is protected, and customers can control their data and decide whether to share it with retailers or other third parties.
Overall, Slyp offers a convenient and secure way for customers to manage their receipts and loyalty rewards, while also providing valuable insights and analytics for retailers.
Competitors
There are several competitors of Slyp in the digital receipt and loyalty space. Here are a few examples:
BPAY Pty Ltd: A bill payment service that also offers digital receipts and loyalty programs for participating merchants.
Azupay Pty Ltd: A digital payment platform that offers customers the ability to pay for purchases and receive digital receipts, as well as earn rewards and access personalized offers.
The System Works Group (TSWG): A technology solutions provider that offers digital receipt and loyalty programs for retailers, as well as other customer engagement tools.
Sandstone Technology: A digital banking and payments technology provider that offers digital receipt and loyalty solutions for financial institutions and retailers.
Ultradata Australia Pty Ltd: A software development company that offers digital receipt and loyalty solutions for financial institutions and retailers.
Funding
Slyp has raised a total of AUD 13.5 million in funding across multiple funding rounds. This includes:
- Series B funding – 2020, Slyp raised AUD 7.5 million from Westpac’s Reinventure Group, Scentre Group, and NAB with participation from ANZ.
- Series A funding – 2019, Slyp raised AUD 4 million from ANZi Ventures.
- Seed funding – In 2017, Slyp raised AUD 2 million from NAB Ventures
While Slyp’s investors have played a significant role in the company’s growth and development, National Australia Bank (NAB) has been a particularly strong supporter and investor in Slyp. NAB Ventures, the venture capital arm of NAB, led Slyp’s seed funding round in 2017, and then NAB itself led the Series B funding round in 2020. In total, NAB has invested AUD 10.5 million in Slyp across multiple funding rounds.
Other notable investors in Slyp include ANZi Ventures (ANZ Bank’s venture capital arm), Reinventure Group (backed by Westpac Banking Corporation), and Scentre Group (owner of Westfield shopping centers). These investors have helped to bring significant funding, expertise, and strategic partnerships to Slyp, and have supported the company’s growth and expansion within the retail and payments industry.
Founder
Paul Weingarth is a tech entrepreneur based in Sydney, Australia, who co-founded Slyp, a fintech startup that has revolutionized how retailers issue digital receipts and offer loyalty programs to their customers. He is a graduate of the University of New South Wales, where he studied Economics and received an Honours degree.
Before founding Slyp, Weingarth has previously worked at companies such as PayPal and Microsoft, where he gained valuable experience in software development and product management. With his experience in the tech industry and passion for innovation, Weingarth has played an instrumental role in the development and growth of Slyp’s platform for digital receipts and automated loyalty programs.
Weingarth is known for his entrepreneurial spirit and his commitment to innovation. He has received numerous accolades for his work, including being named a finalist for the Australian Young Entrepreneur Awards and being recognized by the Australian Financial Review as one of Australia’s 100 most innovative companies.
Through his work with Slyp, Weingarth has shown a dedication to improving the retail experience for both customers and retailers. He continues to drive innovation in the fintech space, and his work is shaping the way consumers and businesses interact with each other.
Investors
Slyp has received funding from a range of investors, including venture capital firms, financial institutions, and individual investors. Here are some of the notable investors in Slyp:
NAB Ventures: Is a Venture capital arm of National Australia Bank and has invested in several other fintech startups, such as BrickX and Medipass
ANZ Bank: One of the largest banks in Australia and New Zealand and has invested in other fintech startups, such as Data Republic and Edrolo
Westpac’s Reinventure Group: Westpac’s venture capital fund, has invested in several fintech startups in Australia.
Scentre Group: Owner and operator of Westfield shopping centers in Australia and New Zealand. Invests in startups that are focused on innovation and improving the retail experience for customers.
The support of these investors has enabled Slyp to raise significant capital to support its growth and expansion. Additionally, the expertise and networks of these investors have helped Slyp to develop its platform and reach a wider audience.
Insights
Slyp’s platform allows customers to receive digital receipts directly from their banking app, eliminating the need for paper receipts and making it easier to track spending. Slyp also enables retailers to offer personalised loyalty programs based on customers’ purchase history, making it easier to retain customers and encourage repeat business.
Slyp’s success in attracting investment and partnerships is a testament to the company’s innovative approach to improving the retail experience. Slyp is part of a growing trend in fintech startups that are using technology to simplify and enhance the way customers interact with financial services and retailers. By continuing to innovate and partner with key players in the industry, Slyp is well-positioned to continue its growth and disruption of the traditional receipt and loyalty program market.
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