Swipe, a fintech startup, raised $2 million in a seed round led by Y Combinator. The round also saw participation from Global Founders Capital, Soma Capital, Locus Ventures, Duro Ventures, K3 Diversity Ventures, Lish Lee Jung & Oliver Jung.
25+ angels who trust in Swipe's vision, including CRED's Kunal Shah, Justin Hamilton, GoCardless‚ Matt Robinson, Podium‚ Eric Rea, Dennis Steele & Brad Jenson, Spenmo‚ Mohandass Kalaichelvan, OkCredit‚ Gaurav Kunwar, Steven Liu, Rupert Brenninkmeijer, Deepak Garg, Deepanshu M., Christophe L., Kunal B., Oussama Ammar, Cameron Urban, Alay Jhaveri, Sundeep A., Stefano Zorzi, Karn Jajoo, Mrunal Jhaveri, Mandar Shinde, Alan Rutledge & riidl‚ Samir Somaiya, Gaurang Shetty participated in the round.
Swipe is a simple billing and payment app for small businesses in India. Swipe helps businesses create an invoice in 10 seconds and send it to their customers via WhatsApp or email. Customers can pay through a variety of payment modes, and business owners can keep track of pending payments and send reminders. Swipe not only helps with accounting and GST but also set up an online store, collect payments using UPI or QR codes, track inventory, manage expenses and view analytics. Small businesses can customize invoice templates, send discounts, special offers, and product updates to customers, as well as create a product catalogue for online orders
Swipe's vision is to empower millions of businesses. It wants its users to create their own online stores and have advertising and marketing communication content on the platform in days to come, said Aditya Vemuganti, Co-founder of Swipe. The platform does not require one to have an accounts background. In future, we have plans to develop it into an advertising and marketing channel and invoicing will happen in the backend, he said.
Within 6 months of Public launch, Swipe had about 25,000 customers including retailers, distributors, freelancers and across other categories and growing 100% MoM with over $30M+ transactions recorded on Swipe. Swipe is scaling up rapidly to help 1M+ businesses by the end of 2022. Currently, we have a payment gateway where the businesses can accept payments from the customers. We are in talks with multiple banks to bring some banking-related features. Many accounting platforms are focused only on billing. We will also have an online catalog for the businesses to share details of their products via links with their customers. Businesses can use the transactional data to get further insights, said Aditya Vemuganti, Co-founder of Swipe.
Businesses need technology tools to reach more consumers and build long-term relationships. We provide online storefront as SMBs are now moving towards WhatsApp Businesses, said Sri Teja Allaparthi, Co-founder of Swipe. It aims at laying down the critical groundwork to help businesses expand their customer base and enter the next generation of doing business.
Swipe started operations in Feb 2021 and raised $ 2 million from multiple investors in a seed round led by Y Combinator. Swipe was featured on: