Slip, a female-founded fintech startup that assists physical stores in digitizing receipts to gain customer insights, has successfully raised £2.5 million in funding.
The seed round was led by Adjuvo, with participation from Haatch Ventures, Unbundled VC, the Side by Side Partnership, and several notable angel investors, including Dan Elton, executive vice president of customer and marketing at ASOS, and Julian Burnett, former CIO at Frasers and former CTO at John Lewis.
Founded in 2022, Slip’s software has already gained traction among prominent high street retailers such as JD Sports and Beyond Retro. By digitizing receipts, Slip’s technology serves as a conduit for revealing consumer trends and creating new marketing opportunities.
JD Sports has effectively utilized the Slip app to drive engagement with their JD Status brand loyalty app, seamlessly integrating it into the purchase process. As a result, this Slip-enabled strategy has led to over 25,000 app downloads and implementation across 400 stores.
Beyond Retro experienced a 226% increase in newsletter sign-ups within just one month after adopting Slip’s digital receipts process, unlocking a new avenue for customer data collection.
Slip’s API is designed for easy integration with existing systems, facilitated by partnerships with Shopify, Klaviyo, Epos Now, and Sitoo. Insights gathered from customer activities can be directly funneled into partner customer relationship management (CRM) or marketing technology systems.
Consumers can also access Slip’s app to save receipts, manage returns, unlock brand rewards, and handle warranties for purchases made with partner brands.
The company plans to use the new funding to enhance its technology offerings and expand its team. As part of this growth initiative, Myles Dawson, former managing director of Adyen UK, has been appointed as chief commercial officer.
Tash Grossman, founder and CEO, stated, “We’re transforming the humble receipt from its static, destined-for-landfill status into a data-rich source of customer insight. The positive response from our early adopter retail partners demonstrates that our software drives engagement and unlocks valuable customer data, resulting in significant increases in email sign-ups and app downloads for those using our solution.”