Digital receipt startup Slyp has become the first fintech to count each of Australia's big four banks as shareholders and strategic partners after signing a deal with Commonwealth Bank of Australia.
Slyp enables customers to automatically receive an itemised digital receipt in their banking app when they pay with their card or digital wallet at participating retailers.
ANZ, NAB and Westpac-backed Reinventure in September contributed to a $4 million investment round in Slyp.
The backing from CBA marks the first equity investment by the bank in an Australian start-up
Paul Weingarth, CEO and co-founder of Slyp, says: “This latest partnership with CommBank is a major breakthrough for the Slyp network. To deliver a truly ubiquitous industry standard of digital receipts, we knew early on that we would need to partner with the banks. Now, with their backing we are in a strong position to push towards eliminating paper receipts and provide retailers and banks with a new way to delight and engage their customers post-payment.”