Norwich-based startup, Thyngs, has secured £300,000 in seed funding on equity crowdfunding platform Crowdcube to help further develop its mobile technology that transforms any physical object into an instant point of sale.
The company’s app-free approach and three-tap payment proposition has attracted over 280 investors on the popular crowdfunding service, including the founder of Tossed, the first hospitality business in Europe to go completely cashless, founders of leading experience design agency Foolproof, and a telecoms industry veteran who was Microsoft’s first European MD.
The investment round has been extended due to continuing interest in the proposition and will close on February 28, giving new investors the opportunity to join the cashless revolution and stake a claim in the future of Thyngs.
Retailers and brands can add the company’s technology to any physical object, allowing consumers to make mobile purchases without having to download an app, which causes a significant roadblock in the payment journey. The Thyngs technology alleviates this pain-point and is set to transform the way in which consumers purchase items, marking an important step forward in the cashless revolution.
Retailers are poised to benefit too as they will be able to sell any item without the need for costly payment terminals. By harnessing the technology in today’s smartphones the platform can also be transformational for brands, driving mobile engagement and sales directly from marketing materials.
The team at Thyngs has already created a sustainable business model in the £9.7 million UK fundraising sector, with charities using its platform to turn collecting boxes, shop widows and even staff into instant mobile donation points. By collecting Gift Aid as an integral part of the process, ongoing costs are more than covered by the extra income reclaimed from the Government.
The company has established relationships with Apple, PayPal, Stripe and Worldpay, and global brands are using the platform to engage and convert customers directly from marketing, merchandise, packaging and products. With more than 250,000 units sold to date, and following the crowdfunding success, the startup is poised to capitalise on the broader market for mobile proximity payments, which is predicted to account for £410 billion by 2020.
CEO and founder of Thyngs, Dr. Neil Garner said: “We would like to thank all of our new investors and partners for helping us to raise over £300,000 on Crowdcube. The funds raised will enable us to accelerate our growth and take advantage of the massive opportunity in the global market for mobile proximity payments. The Thyngs platform works for small and large businesses alike, giving them the ability to implement cashless payment options, without needing an app. And for consumers, it means a streamlined, friction-free transaction experience. We are proud to be playing such an important role in spearheading the cashless revolution here in the UK.”