ANZ, NAB and Westpac-backed Reinventure invest in digital receipt startup Slyp

ANZ, NAB and Westpac-backed Reinventure invest in digital receipt startup Slyp

Three of Australia's biggest banks have contributed to a $4 million investment round in smart receipt start-up, Slyp.

ANZ, NAB, Westpac backed Reinventure and retail real estate outfit Scentre group made up the round, bringing the startup's total funding to $7 million to date.

Founded by former PayPal executive Paul Weingarth, Slyp's technology automatically links a smart, digital receipt to a customers bank card and displays this inside the banking app

ANZ is a new investor in Slyp, which raised $2 million in seed funding from NAB and Reinventures in October last year.

ANZ Ventures MD Ron Spector comments: “This capability can provide significant value to retail customers, merchants and financial service providers and aligns with our focus on building relationships with emerging growth companies in the fintech space that can support our customers, bankers and partners."

NAB has already trialled the tech and will be the first major bank to integrate Slyp into its mobile banking app later in the year, with the other banks aiming to follow shortly after.

In the meantime, Slyp is building out a network of retail outlets and POS manufacturers ready to accept the technology on launch.

Rohen Sood, general partner at Westpac’s venture arm, Reinventure, says: "Once launched later this year, we expect to see Slyp’s network scale quickly via the bank, retail and POS distribution partnerships it has put in place over the past two years.”

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