Sway, a company that aims to turn your phone into a payment terminal & accept in-person payments without transaction fees, has reportedly raised 111% (£627,157) of its £560,000 target from 335 investors (at the time of writing) through its crowdfunding campaign, carried out via Seedrs.
Located in London, United Kingdom, Sway says it operates in the Finance & Payments sectors (Mixed Digital/Non-Digital Mixed B2B/B2C). Incorporated in December 2021, the firm’s investment summary is as follows: Type: Equity; Valuation (pre-money) of £3.6M; Equity offered: 14.98%; Share price: £0.29; Tax relief; EIS.
Key Business highlights:
- Gross payment volume grew to £100K within the first 6 months
- Over £108k in payments processed in the month of April 23
- 260+ small businesses have used Sway to date
- Transactions grew by 48% from Feb-March 2023
Key features include: Secondary Market; Seedrs nominee min. £10.15 +; Direct investment min. £30,000.00 +.
As noted in the the update, the firm will “turn phones into payment terminals.”
This means a business “can take digital payments without external card machines, initiating an easy and instant transfer from the consumer’s bank account directly to the merchant’s.”
They built a digital payment system “disconnected from cards.”
As mentioned in the update, an estimated £48B is “spent per year on card fees in Europe alone, and small businesses are the most affected by it, paying 2-4% per transaction.”
They exist to “disrupt this model and provide a simple, easy and affordable alternative to cards or cash.”
As mentioned in the update, Open Banking regulation (PSD2) opened “the door to innovation in the payment sector, plus card fees keep increasing.”
Research by Juniper Research says Open Banking payments “will reach €102bn/year by 2026, a 2,800% increase over the next five years.”
According to the Fintech firm, which explains its monetization strategy, transactions are “a basic need of every business and as such should remain free.” They charge for “the value created on top of payments.”
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