Swapi raises £350k in pre-seed funding from angel investors to develop its loyalty point exchange technology.
The loyalty point exchange platform secured backing from sector angels including Sean Wilkinson and Jon Bowles to build out its core technology.
Swapi operates a loyalty e-wallet platform that consolidates payment and rewards cards into a single application. The service introduces a universal points currency to let users exchange balances across various retailers.
London-based loyalty app Swapi has secured £350k in a pre-seed funding round backed by a collective of angel investors, including Sean Wilkinson and Jon Bowles. The capital will be directed towards building out the proprietary technology that powers the platform's point-exchange mechanism. The funding arrives ahead of the application's beta testing phase this summer and its official UK launch scheduled for the autumn.
The company was established to address the accumulation of billions of pounds in dormant loyalty rewards, providing consumers with increased purchasing power while offering participating retailers a way to reduce liabilities associated with unspent points. The early-stage injection represents a vote of confidence from sector specialists who recognise the potential to modernise traditional loyalty schemes.
From the founder
"To secure this level of investment at such an early stage in Swapi’s development is so encouraging. It’s particularly meaningful that our first round includes people who know our industry and understand the potential Swapi has to positively transform the loyalty experience, for consumers and for brands."
Pete Howroyd
Founder and CEO at Swapi
Investor perspective
"I could quickly see Swapi’s potential to provide a simple, innovative solution to loyalty’s biggest challenges, bringing benefit on all sides. The loyalty sector has been fairly static in recent times, and I think businesses and consumers will welcome the innovation that Swapi provides. An easy to use app that provides people with a bit of extra cash to spend, and more choice in the way they spend it is a winning proposition. I’m very happy to be on board with Pete and the Swapi team and look forward to some exciting times ahead."
Sean Wilkinson
Sean Wilkinson
Use of funds
- 01Continue product development
