Swiipr receives 6 million pounds in Series A financing round

The travel paytech company Swiipr has raised 6 million pounds from Octopus Ventures and other investors. The funds will be used to further develop the digital platform
London, May 29, 2024 - Swiipr, a travel paytech company, has raised £6 million in a Series A funding round. This round was led by Octopus Ventures. The capital will be used to support the company's growth.
Digital transformation of compensation payments
Swiipr offers a digital platform that enables airlines to digitize compensation payments for flight disruptions. This improves the passenger experience and reduces costs by up to 60 %. Since its launch in 2020, Swiipr has already been used by 26 airlines in 70 countries. This includes a major national airline, whose 4,000 employees use the platform in 167 airports worldwide.
Traditional compensation systems are no longer fit for purpose. They cost airlines billions every year and exacerbate problems in the event of disruptions.
Tara Spielhagen, co-founder and CEO of Swiipr
It is estimated that over 500 million passengers are affected by flight disruptions every year. This costs airlines billions of dollars and leads to significant customer displeasure as well as reputational damage and regulatory penalties. Traditional paper vouchers are time-consuming, fraud-prone and environmentally damaging. Bank transfers can take months, cash is insecure and expensive, and loyalty points are often unpopular.
Swiipr products and benefits
Swiipr has developed an integrated digital platform that includes virtual and physical prepaid cards and a mobile app. These solutions enable airlines to pay out compensation instantly, securely and compliantly.
For passengers, Swiipr has introduced the "Swiipr Compensation Card". This card allows airlines to pay out money directly in the event of disruptions, such as denied boarding or lost baggage. The "Swiipr Welfare Card" enables the immediate distribution of food and drink money in the event of flight delays. Both cards offer instant, secure and compliant payouts in a digital format that can be used universally.
We are impressed by Swiipr's ability to transform compensation payments and bring the efficiency of modern payments to the airline industry.
Tosin Agbabiaka, Principal at Octopus Ventures
Swiipr's platform reduces fraud and processing times, strengthens customer loyalty through personalized offers and provides important insights into customer behavior. In addition, airlines can use Swiipr cards for operational and crisis payments to their staff.
Future developments and market strategy
The financing round was supported by TX Ventures and Solano Partners. The capital will be used to further develop Swiipr's strategy, products and technology. This includes investments in research and development, artificial intelligence and data analytics as well as international market expansion.

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