Today, we’re happy to add news that the payment marketing innovator has raised $20 million in funding.
The Series C round, led by the Pritzker Group, takes the company’s total capital to more than $40 million. Also participating were existing investors First Round Capital and Shasta Ventures. The new capital is slated to help the company accelerate growth, boost product expansion, and enhance marketing.
Pritzker Group managing partner Chris Girgenti has credited Swipely for “help(ing) small business use big data to compete in the networked age” and for “bringing online technology to offline merchants.” Swipely specializes in helping small businesses use their credit and debit card transaction data to provide better and more relevant offers and rewards for their customers.
The company’s solution includes customer analytics, targeted campaign-building tools, and payment processing that is “baked into the core of Swipely’s platform,” according to Swipely CEO and founder Angus Davis. This last feature is what gives the technology the ability to tap into the Big Data buried in the local merchant’s payment network.
“Not every consumer will opt-in to a loyalty program,” Angus explained from the stage during Swipely’s Finovate demonstration. “And so that’s why we’re also bringing powerful tools to the merchant not just from the data we glean from opted-in loyalty members, but from every credit and debit transaction that passes through that merchant.”
Reporting from TechCrunch includes some interesting, SaaS-related KPIs that Angus uses to help explain how well positioned his company is in his industry. The upshot is that Swipely is managing to keep a very healthy ratio between revenues and the costs of acquiring new companies.
Swipely was founded in 2009, and has operations in more than 40 states and more than 50 cities in the United States. Based in Providence, Rhode Island, Swipely is an alum of the FinovateSpring 2012 show in San Francisco. See a demo of the company’s Marketing Management technology here.