Slyp (formerly Ping Data), a Sydney-based data start-up that digitises the receipts for merchants and their customers, has raised $2 million in a seed funding round led by NAB Ventures and also included Westpac’s venture capital arm, Reinventure.
Slyp’s technology captures a customer’s itemised receipt data from Point of Sale software and automatically delivers an interactive ‘smart receipt’ inside the customers mobile and internet banking apps. This removes the need to keep hard copies for tax or refund purposes and aligns with today’s eco-conscious world.
In addition to the equity investment from NAB Ventures, NAB is working towards integrating Slyp’s technology into its own banking services to support customers with their everyday banking needs in 2019.
Slyp co-founder Paul Weingarth said customers are asking for better ways to receive and manage their receipts for a variety of use cases like returns, tax and expense claims.
“Via Slyp, the ‘smart receipt’ is delivered instantly post-purchase, improving the retail experience while also building a unified data exchange network between merchants, banks and their customers,” he said.
“This technology will unlock significant value across the ecosystem particularly for bricks and mortar retailers. The smart receipt will open up a new channel to help the retailers reconnect with their customer post purchase, turning the end of a transaction into the start of a customer relationship.”
NAB Ventures Managing Director Todd Forest said, “It just makes sense that in a digital age, which is increasingly going paperless, that the receipt process can be improved to provide a better customer experience.”
He said this solution has benefits from both retail customers point of view, as well as for small business customers, particularly for reducing the administration burden around taxation requirements.
“We trialled the Slyp solution earlier this year and received really positive customer feedback; we are excited about rolling this service out more broadly to NAB customers in 2019.”
Forrest will also join Slyp’s board as part of the investment.
Danny Gilligan, Managing Director of Westpac’s venture capital arm, Reinventure said connectivity of data across industry sectors is an important and valuable problem to solve.
“Slyp have been able to do that in a way which materially enhances consumer experiences and delivers real value for merchants and banks at the same time. We are thrilled to be on the journey with the team at Slyp and excited by the opportunities that lay ahead.”
In the coming months Slyp will unveil their foundational launch merchants as well as additional strategic partnerships to help Slyp accelerate their merchant acquisition nationally in 2019 and beyond.