NAB and Westpac invest in smart receipt startup Slyp

NAB and Westpac invest in smart receipt startup Slyp

Australian smart receipt startup Slyp has raised $2 million in a seed funding round led by NAB Ventures with support from Westpac’s venture capital arm, Reinventure.

Slyp’s technology captures a customer’s itemised receipt data from Point of Sale software and automatically delivers an interactive ‘smart receipt’ inside the customers mobile and internet banking apps.

Slyp co-founder Paul Weingarth says: “Customers are asking for better ways to receive and manage their receipts for a variety of use cases like returns, tax and expense claims. Via Slyp, the ‘smart receipt’ is delivered instantly post-purchase, improving the retail experience while also building a unified data exchange network between merchants, banks and their customers."

In addition to the equity investment from NAB Ventures, NAB is working towards integrating Slyp’s technology into its own banking services in 2019 after running trials of the technology earlier this year.

NAB Ventures MD Todd Forest says: “We see great upside in this solution from both a retail customer point of view, but also for small business customers, particularly for reducing the administration burden around taxation requirements."

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