Loyalty card app Swipii has secured $2.4 million (£1.9m) of investment through a funding round led by venture capital firm Par Equity. Scottish Investment Bank, Green Shore Capital and other follow-up investors also participated.
Founded in 2015 and based in Glasgow, Swipii removes the need for physical loyalty cards by linking to a debit or credit card and rewarding users with points as they shop at signed-up businesses.
The first version of the app was used by over 1,700 businesses and more than 1.1 million users. The company has now released an updated version which it describes as “sleeker” and “smarter”.
Chitresh Sharma, co-founder and CEO of Swipii, said:
“We estimate that there are more than 600,000 small to medium sized businesses in the UK that could benefit from Swipii, so there is huge potential for expansion.
“Our card linking technology has improved on an already popular product by making it even more intuitive, and this investment means we can build on our existing userbase and grow with the new, more intuitive Swipii.”
Par Equity partner Paul Munn added:
“What struck us about Swipii was how convenient it is for users and how wide its appeal can be. We all know the frustration of forgetting to bring a loyalty card with you. And as for businesses, Swipii gives them useful data and their customers a reason to return, so it’s a win-win – and that makes it very attractive for investors.”
Swipii recently doubled its product team as well as hiring new growth director Janet Balneaves from Skyscanner and new product owner Mark Crabbie from Google. Mark Logan, ex-COO of Skyscanner, joined the board of directors having participated in the latest investment.
Bink, a rival fintech app which links loyalty schemes to payment cards, has recently closed an over-subscribed £10 million round led by Barclays.