Swapi, an app that lets people swap loyalty points between brands, has raised 拢350,000 in seed funding as it counts down to an autumn launch.听
A collective of angel investors is backing the start-up, including Sean Wilkinson, President of the Incentive Marketing Association Europe, and Jon Bowles, founder of Cultural Capitalism.听
London-based听Swapi听was founded in 2020 by former Harvey Nichols and Harrods loyalty leader Pete Howroyd to give people a new kind of power over where they spend their loyalty rewards.听听
Instead of being tied to one company, points go into the听Swapi听鈥榙igital wallet鈥�, freeing them up to be spent with an array of different brands in the听Swapi听marketplace.听听
The app has been created to tackle one of loyalty鈥檚 biggest problems: the wasted billions that sit unused on people鈥檚 loyalty cards. The average person has 拢47 of dormant loyalty cash in their wallet, totalling 拢6 billion in the UK and $360 billion globally.听
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This new investment will be used to develop the technology that drives听厂飞补辫颈鈥檚听unique 鈥榮wap鈥� function, replacing historic models that are limited to buying and selling loyalty currency at an exchange rate that reduces overall value for the consumer.听听
“To secure this level of investment at such an early stage in听厂飞补辫颈鈥檚听development is so encouraging,鈥� said听Howroyd.听听
鈥�It鈥檚 particularly meaningful that our first round includes people who know our industry and understand the potential听Swapi听has to positively transform the loyalty experience, for consumers and for brands.听
鈥�COVID听has left the retail economy in a perilous state, and听Swapi听will work on several levels to make a difference. It gives people more spending power.听听
鈥�Valuable loyalty points often don鈥檛 get used because people don鈥檛 want to shop with the brand they鈥檙e linked to and they are left to expire.听Swapi听turns these points into rewards and cash with brands they do want to shop with, putting extra money in their pocket in a听really quick听and easy way.听听
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鈥�There鈥檚 also a huge upside with the听Swapi听process for brands. They get an injection of fresh tender and a boost to customer acquisition, as well as a positive message about their loyalty scheme and a reduction in unwanted loyalty cash on their balance sheet.鈥�听
Wilkinson added:听鈥�I could quickly see听厂飞补辫颈鈥檚听potential to provide a simple, innovative solution to loyalty鈥檚 biggest challenges, bringing benefit on all sides.听听
鈥�The loyalty sector has been听fairly static in recent times, and I think businesses and consumers will welcome the innovation that听Swapi听provides. An easy–to–use app that provides people with a bit of extra cash to spend, and more choice in the way they spend it is a winning proposition.听听
鈥�I鈥檓 very happy to be on board with Pete and the听Swapi听team and look forward to some exciting times ahead.鈥�听
The听Swapi听app will go into beta testing this summer and will launch in the UK in the autumn.听