Swipii secures £1.9m in funding led by Par Equity to scale its loyalty platform
The loyalty card application secured £1.9m from a syndicate led by Par Equity to expand its user base.
Swipii operates a loyalty card application that connects directly to payment cards to reward shoppers at participating merchants. The service removes physical stamp cards by automating points collection through transaction data.
Swipii has raised £1.9m in a funding round led by Par Equity, with participation from the Scottish Investment Bank, Green Shore Capital, and other follow-up backers. The capital will enable the loyalty card application to expand its user base and scale its newly updated card-linking platform across the UK market.
The company has updated its software to eliminate physical cards by connecting directly to users' debit and credit cards, awarding points automatically upon purchase. Its previous version attracted over one million users and generated notable revenue increases for participating small and medium-sized businesses.
From the founder
"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."
Chitresh Sharma
CEO at Swipii
Investor perspective
"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."
Paul Munn
Managing Partner, Par Equity
Use of funds
- 01Grow the team
- 02Continue product development
- 03Expand into international markets
- 04Invest in sales and marketing
