Cashback app Swipii crowdfunds to boost local network
Swipii’s network has grown during lockdown
Cashback app Swipii has launched its first crowdfund as it seeks to quadruple its business network to help power the ‘Shop Local’ recovery.
Hosted by Crowdcube, Swipii is seeking to raise £750,000 to accelerate expansion plans and extend the number of local businesses it supports.
Investors can invest from as little as £10.02 and Swipii will donate £5 to homeless charity Social Bite for every investment of £250 or more.
Since launching the app in 2018, Glasgow-based Swipii has helped 100 businesses – mainly in Scotland – to increase customer engagement and spend, while also saving shoppers money.
Swipii personalised offers have, even during lockdown, seen participating businesses increase customer spend by 16%. The company is currently working with British BIDs to roll out the service to hundreds more businesses across the country as lockdown eases.
Founded by Louis Schena and Chitresh Sharma the cashback app has attracted more than £3 million from LocalGlobe, Rocket Internet, Kima Ventures and Par Equity as it seeks to give local businesses the marketing and data tools to compete with larger online entities.
Mr Schena, Swipii CEO explains: ‘Local independent businesses form the backbone of our economy. The unfortunate truth is they are decades behind online businesses and big corporations when it comes to the technology they have and as a result are at a significant disadvantage.
“COVID has widened this disadvantage and our mission is to level the playing field as markets open up.
“This crowdfund will allow us to ramp up our expansion plans and give investors the opportunity to back local and become part of our growth journey.”