PROVIDENCE, RI, Firm developing smple way for local merchants to accept payments has completed a $12 million Series B round of financing. Shasta Ventures led the investment.
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Swipely, the simple way for local merchants to accept payments, understand customers and grow revenue, today announced it has completed a $12 million Series B round of financing. Shasta Ventures led the investment and was joined by existing investors First Round Capital, Greylock Partners and Index Ventures. The Series B funding will help Swipely expand its network of merchants and accelerate its nationwide growth.
Since entering the payments space in June 2012, Swipely has enjoyed widespread adoption, now managing more than $700 million in annual sales for merchants in 130 cities and towns throughout the U.S., and unlocking insights into nearly 2 million customers.
This round brings Swipely's total venture financing to $20.5 million, and comes on the heels of the company being named to Forbes' 100 list of "America's Most Promising Companies" and one of the "Best Places to Work in Rhode Island" by Providence Business News. The financing is the largest Series B venture investment in a software company in Rhode Island history.
An Online Operating System for Local Commerce
95% of commerce happens offline. Since launching Swipely's payments platform in June 2012, the company has grown rapidly to bring local merchants the same tools that e-commerce companies use to better understand customers through shopping data to grow sales.
"We are excited to be part of a company that finally brings the power of data to the offline world, ultimately translating into happy customers and more revenue," said Sean Flynn, Partner at Shasta Ventures. "It's a major innovation in payments and marketing for small business, and we hope it will transform the way merchants understand and engage with their customers."
"Swipely replaces legacy merchant payment and marketing approaches with a powerful online operating system for local commerce to make smarter, faster business decisions," said Angus Davis, founder and CEO of Swipely. "We empower hundreds -- and soon thousands -- of leading small businesses with actionable insights to help them succeed and grow."
Swipely merchants reach from the West Village in New York City to SOMA in San Francisco, and everywhere in between. Since upgrading to Swipely, these businesses have unlocked shopping data to:
Learn how new versus repeat customers contribute to sales
Build a customer database with profiles for every card-paying customer
Measure how online marketing campaigns impact offline sales
Launch trackable loyalty programs that bring customers back
Swipely is a good fit for merchants that accept at least $30,000 in monthly credit card sales. To see how your business can better understand customers and grow sales, visit swipely.com or call 888-SWIPELY.
Bringing A Silicon Valley Spark to the Ocean State
Swipely will use its funds to grow the team across all functional areas, including engineering, sales and marketing, finance and administration. Swipely is headquartered in Providence, Rhode Island, where it is a bellwether among a growing ecosystem of high-tech companies leading a renaissance in the Ocean State's long challenged economy.
Swipely offers outstanding career opportunities with competitive compensation and benefits, an award-winning office culture and the opportunity to work and win as part of a world-class team. It's an exciting time to join Swipely. To learn more about current openings, visit http://swipely.theresumator.com/
Swipely is a simple way for local merchants to accept payments, understand customers and grow revenue. Swipely's valuable payments, analytics and marketing tools work with systems merchants already have and with cards consumers already use. Merchants use Swipely to manage 700 million dollars in sales and to deepen relationships with over 2 million customers.
Founded by Angus Davis and named to the Forbes Magazine 100 list of "America's Most Promising Companies," the Providence, RI based company includes veterans of Tellme, Microsoft, LivingSocial and SeamlessWeb, and is backed by leading Silicon Valley investors including Shasta Ventures, Index Ventures, Greylock Partners, and First Round Capital, among others.