Australia-based start-up Slyp has secured A$2m ($1.4m) in a funding round led by NAB Ventures. The round was also joined by Westpac’s Reinventure venture capital arm.
Slyp developed technology to digitalise the receipt experience by capturing a customer’s itemised receipt data from POS software. It then automatically delivers an interactive smart receipt to the customer’s mobile and internet banking apps.
The solution is expected to eliminate the need to retain hard copies for tax or refund purposes.
NAB already trialled the Slyp technology earlier this year and is set to integrate the solution into its banking services next year.
NAB Ventures managing director Todd Forest said: “We love what Slyp is doing. 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.
“We see great upside in this solution from both a retail customer point of view, but also for small business customers, particularly for reducing the administration burden around taxation requirements.”
Over the coming months, Slyp plans to announce its foundational launch merchants, as well as form additional alliances to support merchant acquisition across the country.
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.
“This technology will unlock significant value across the ecosystem particularly for bricks and mortar retailers.”