Scottish private equity firm Par Equity, an existing investor in Glasgow-based cashback app Swipii, has invested an additional GBP1 million into the company.
Scottish private equity firm Par Equity, an existing investor in Glasgow-based cashback app Swipii, has invested an additional GBP1 million into the company.
“We have been working with Swipii for over a year now and have been impressed by how focused the team is on driving the most value for both consumers and businesses,” Par Equity partner Paul Munn said.
To date Swipii has focused its product on the Glasgow market to validate the value the app generates for both consumers and local businesses.
The funding will help support the company’s product development as it plans to launch further features for its business customers over the coming months, before taking the product to new cities.
The Swipii app links consumers’ bank payment card to the app, and they then automatically earn cashback every time they pay with that card at a participating retailer. The app also provides businesses with an automated marketing tool to better understand the habits and needs of their customers, according to the company.
“Our ultimate goal is to help businesses of all shapes and sizes to thrive on our high streets,” said CEO and co-founder Louis Schena. “We can only do that if we offer a product that is ten times easier to use and offers ten times more value to consumers and retailers, than anything already out there today,” he added.
“Local businesses tell us that marketing tactics such as heavily-discounted deals can erode the true value of the product they offer and don’t bring the long-term value they are looking for,” continued Schena.
