Big banks back receipts fintech Slyp in $25 million Series A

Australia’s biggest banks have once again backed digital receipts fintech Slyp in a $25 million Series A.

Former PwC boss Luke Sayers joined the round as a new investor through the Sayers Group, along with Gabby and Hezi Leibovich.

They join existing backers including Westpac’s Reinventure and NAB Ventures, which first invested in a $2 million round in 2018, as well as ANZ, in a $4 million round 2019 that also Westfield’s owner, Scentre Group.

CBA signed on in 2020, making Slyp the first fintech to bag the Big Four.

The startup is looking to spend the fresh funds on additional products and features including payment linked loyalty in 2022.

Slyp launched its Smart Receipt in a partnership with NAB in late 2020. The business now has nearly 900 companies and venues using its product. Around 1.2 million Smart Receipts were sent to NAB customer via the bank’s app or SMS over the past 12 months.

Co-founder and CEO Paul Weingarth said Slyp is on track to make Smart Receipts available to half of all Australians by the end of 2022.

“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, for good,” he said.

NAB VenturesSlyp MD Todd Forest said Slyp’s technology is creating a more convenient and sustainable experience for our customers.

“We’re proud to be an inaugural investor since 2018 and it’s been great to watch the company grow,” he said.

“Since becoming the first major bank to integrate the Slyp solution into our mobile banking just over a year ago, the feedback from NAB customers has been overwhelmingly positive. It’s been really pleasing to see more and more partners sign-up to Slyp and it made the decision to reinvest our next natural move.”