Enabling Technologies

Another $20 Million Secured by Swipely via Series C Round

With the availability of huge amount of data around customer profiles and advent of Big Data tools, customer analytics has gained importance. To empower small businesses with customer analytics, startups are coming up with easy ways to integrate small business’s operation with advanced customer analytics tools. One such startup innovating in the area of payments and customer analytics is Swipely. The company announced today (29th May, 2014) that it had completed a $20 Mn Series C round of financing.

Swipely, a Rhode Island company, was founded in 2009 by Angus Davis. They received $1 Mn, Angel funding in 2009. In 2010 Swipely acquired $7.5 Mn through investors such as Index Ventures, Greylock Partners, First Round Capital, Charles Moldow, Emil Michael, Angus Davis etc. (total 11 investors). In series A funding. The company further received $7.5 Mn from Shasta Ventures, Reid Hoffman, Danny Rimer and Josh Kopelman in series B funding in May, 2013 bringing their total up to $20.5 Mn. This latest round led by Pritzker Group Venture Capital, brings their total funding to $40.5 Mn.

  • Swipely says that the new funding will be utilized to accelerate growth.
  • On 15th May 2014, Swipely had announced that the company now managed over $2 Billion in annual sales via its payments and customer analytics platform.
  • The company provides insights on over 10 Mn consumers.
  • Swipely is essentially an easier way for local merchants to accept payments, understand customers and grow revenue with valuable analytics, loyalty and marketing tools.
  • It does not install any new equipment.
  • It integrates the existing POS at merchant site with internet to capture transactional data which is later used to give meaningful customer insights using analytics.
  • Swipely was named by Providence Business News for the second year in a row as, “One of the "Best Places to Work in Rhode Island".
  • Swipely says that it replaces legacy payment processing services with a powerful cloud-based platform that enables restaurants and retailers a single place to manage customer relationships.
  • They can also  measure staff performance, optimize menu selections as well as monitor online reviews.
  • It cuts time wasted in spreadsheets and searching for information by effortlessly integrating data across the payment network, POS and the social Web in one single place.

"Swipely is a disruptive company with the vision and momentum to help small business use big data to compete in the networked age," stated Pritzker Group Venture Capital’s managing partner, Chris Girgenti, in a press release. "Angus and his veteran team have built a unique SaaS company that is succeeding in bringing online technology to offline merchants," he added.

"Success at Swipely begins with our growing team of people who are determined to help our customers succeed," commented the CEO and Founder of Swipely, Angus Davis, in the same release. "Together we are building an online operating system for local commerce, changing the way small businesses operate and grow with data."

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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