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Finland's ReceiptHero snags €2 million in seed funding

Finland's ReceiptHero snags €2 million in seed funding

Finland-based digital receipt startup ReceiptHero has raised €2 million in seed funding from local VC Lifeline Ventures, with participation from Superhero Capital and Sweden's Vidici Ventures.

Founded in late 2018, ReceiptHereo offers an end-to-end platform for transmitting digital receipts from merchants to customers banking or account apps.

The past year has been spent building integrations into merchant electronic cash registers, with 500-plus-location gas station Neste and national convenience store R-kioski among its merchant accounts.

On the banking side, ReceiptHero is currently working with Nordea, via an integration in Nordea Wallet, and just announced a new partnership with SEB, initially via a Eurocard proposition and later into SEB’s retail banking app.

Co-founder and CEO Joel Ojala, says: "We’re making some real strides now with merchants and potential bank partners, we’ve hit an inflection point where banks understand the potential of digital receipts and value for their customers. For merchants they feel safe with ReceiptHero protecting their customer data and payment information."

Finland's government has taken the lead to make digital receipts compulsory by 2025. The pilot model, introduced in 2019, involves over 50,000 State Treasury employees paying for goods or services only in ReceiptHero enabled merchant locations.

The firm has also just scored an agreement with banking technology provider Etronika to export the products to merchants in the Baltic regions.

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