Swipely, a tool for local merchants to accept payments, understand customers, and grow revenue, 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 had widespread adoption, now managing more than $700 million in annual sales for merchants in 130 cities and towns throughout the U.S. and offering 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.
Ninety-five percent 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," says 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," says 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 are spread out from the West Village in New York City to SOMA in San Francisco. Since choosing Swipely, these businesses have been given access to 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; and launch trackable loyalty programs that bring customers back.
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.