Swipii, a Scotland-based marketing tool for local businesses, has successfully surpassed its initial £750,000 funding target through its equity crowdfunding campaign on Crowdcube. Founded in 2014, Swipii states it brings shippers the “simplest way” to save money when they shop locally while providing retailers with an automated marketing tool.
“We’re aiming to build the world’s largest local marketplace, with passion for putting local businesses on a level playing field with big brands. For consumers, Swipii is a seamless cashback app that helps them save money at businesses in their area, paying with their normal bank card. For businesses, it’s the marketing tool that helps them reach & reward customers and refocus on running their business.”
Swipii further revealed that Despite lockdowns, 33% of its users made more than one cashback transaction each month in 2020 and its personalized offer engine helped businesses increase the average.
“Swipii user spend by 16%. In the lead up to Eat Out to Help Out, we saw 160%+ MoM growth in app installs (June-July 2020), giving indication of the growth opportunities available as restrictions ease.”
Swipii further revealed that it is now raising investment to scale up user and business acquisition in new cities in the UK before international expansion. The company is now offering 9.01% in equity at a £7,575,286 pre-money valuation through the funding round, which is set to close at the end of April.
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