Swipii, a Glasgow, UK-based provider of a platform for SMEs to allow their consumers to collect points automatically and get rewarded, for their loyalty, closed an over $2.4m in its latest pre-scale-up round of funding.
The round was led by Par Equity, along with the Scottish Investment Bank, Green Shores Capital, Mark Logan, the ex-COO of Skyscanner, and follow up money from previous investors.
The company intends to use the funds to expand operations and grow adoption of its customer loyalty product for local businesses across the UK.
Founded in 2015 by Chitresh Sharma, CEO, and Louis Schena, COO, Swipii leverages card linking technology to help small businesses create a loyalty program that increases footfall and improves customer retention. Shoppers who are tired of multiple loyalty cards, rewards vouchers, QR codes and apps can download Swipii from Google Play or App Store and sign up by linking their everyday debit or credit card. They then get rewarded every time they shop in a Swipii participating location featured in their app, getting 10 points for every £1 spent. On the other side, the solution gives businesses the data to know the spending habits of their customers and run automated, tailored marketing to increase retention and revenue.
The first version of Swipii empowered over 1,700 businesses and well over 1.1 million users with its customer loyalty and marketing tool.