The ground-breaking technology company has developed the innovative eReceipts software which allows retailers to issue electronic receipts direct to customers' cloud based accounts at checkout. Customers, whether consumers or businesses, can then access their accounts through mobile phones, tablets or computers.

Paperless Receipts Ltd has already signed up over 140 retailers to use the technology and is in discussions with multiple major high street chains.

The new investment will be used to scale the company's tech, sales and operations teams to handle the demand for eReceipts as retailers emerge from their Christmas POS "lockdown" period.

The company has also has received strategic foreign investment as the company looks to expand its services into Europe.

Paperless Receipts Ltd Managing Director, Andrew Carroll, said: "Since the first round of funding we have exceed every objective set and tested all of our assumptions. As a data driven organisation we have used clearly defined metrics to build such solid foundations that we are now in an ideal position to take the company to the next level."

The Paperless Receipts Ltd model is proving popular with consumers, retailers and businesses as all benefit from the company's unique technology . In a recent survey over 90% of consumer respondents stated they would prefer to receive eReceipts than paper receipts. 74% of those wanted to receive relevant messages from retailers of their choice. From a retail perspective, it is not a question of if they adopt it, it is a question of when.