Tech startup Slyp has raised $25 million including the support of new investor, Sayers Group in its latest funding round.
The capital raised will help the company to reduce the country’s consumption of paper receipts. This funding round was run by Slyp’s CFO, Ashley Davies who joined the company in August last year.
Paul Weingarth, co-founder and CEO of Slyp, said the company’s mission is to deliver seamless, intuitive and sustainable proof of purchase. “This year, we will be laser-focused on expanding our presence within the in-store retail and hospitality ecosystem, working closely with Australia’s retail network and leading banks to switch off the paper receipt and transform the customer checkout experience.”
With the economy becoming increasingly digitised, Slyp’s technology has created a convenient and sustainable experience for customers, said Todd Forest, MD, NAB Ventures. NAB, the first Australian bank to make this feature available to its customers.
“The feedback from NAB customers has been overwhelmingly positive,” he said.
After launching the smart receipt in 2020, more than 880 Australian stores and venues use the company’s technology to send receipts directly to the customer’s phone. During the past 12 months, 1.2 million smart receipts were sent straight to customers’ NAB app or via SMS. It is expected to be adopted by several other regional Australian banks, as well as Buy Now Pay Later providers.
