Swapi, a company focused on giving users the option to exchange loyalty rewards between brands and avoiding having their points expire, has secured £338,000 (of its £300,000 target) in capital via Crowdcube from 160 different investors (at the time of writing).
Swapi reports a £4,311,925 pre-money valuation, a £3.05 share price, and 7.24% equity.
As noted by Swapi’s management:
“Having secured partnerships with Eagle Eye, Fidel & Network B, we have access to hundreds of brands and are now raising funds to continue product development and to fuel launch in September.”
Here are some of the business highlights the company has shared:
- MVP designed to allow users to swap points between brands.
- £6bn of unspent Loyalty rewards across the UK
- Team have previously worked for Harrods, M&S and La Fitness
- Existing agreement with Eagle Eye with access to over 100 UK brands
As explained by Swapi, users are able to swap for points, products, promotions and gift cards. The company’s digital wallet has “best in class UI – simple and intuitive.” The Swap team also notes that consolidating loyalty points balances “gives user more value.”
The company further notes that if there’s no loyalty program, then there’s still no problem.
Card linked offers “allows all brands to participate,” the company explains while pointing out that their founder, Pete has spent his career “dedicated to Loyalty working with brands across the globe.”
Wherever Pete worked, he “encountered a consistent problem – customers were frustrated with their loyalty points expiring and brands were anxious to reduce loyalty liability on their balance sheet.”
Swapi further reveals:
“Research shows that customers carry over a dozen loyalty cards but the opportunity to redeem points in partner brands is more appealing. We are building a native app enabling users to swap unspent loyalty balances for other things in a ‘Swapi marketplace’. And, by participating, brands can acquire new custom whilst lowering financial liability and avoiding expiry of points.”
Users are also able to collect Swapi points through card linking and affiliates that may be consolidated with other loyalty points for redemption in Swapi’s marketplace. As noted by the company, Swapi is a scalable business, “led by experts in the loyalty & rewards industry.” Swapi’s management says that they intend to launch in the United Kingdom in September 2021 with a view “to expand globally, allowing international swapping of points in 2022.”
Swapi adds that it intends “to support the UK’s economic recovery post COVID-19, allowing consumers to use their unspent rewards.”
The company also mentions:
“By creating valuable insights of shop & swap behavior, we believe Swapi will become a prime target for acquisition. We require capital to take our existing prototype to market for users and brand testing and commence build of our MVP to launch in September 2021.”
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