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Australia's Slyp raises $4M for rollout of digital receipt business

Slyp, a Sydney, Australia-based startup that helps retailers send digital receipts to customer banking apps, said it raised $4 million from ANZ, NAB, Westpac-backed Reinventure and Scentre Group. 

The company has already launched trials of its digital receipt product with NAB and plans to launch the service later this year with NAB integrating the Slyp product into its mobile banking app, while other banks will later follow suit. 

"We have completely reimagined the receipt with customer-centric features like warranty and return reminders, ratings, rewards, product recall alerts and much more," Paul Weingarth, co-founder of Slyp and a former executive at PayPal, said in a company release. "Our mission is not only to delight customers, but we want to help retailers turn the end of the transaction into the start of a customer relationship."

Several of Australia's leading retail brands have agreed to use the product, including Harris Farm, Bing Lee, Cue, BBQ Galore and San Churro. 

Slyp said that 20 point-of-sale providers have signed on, including Retail Directions, Apparel 21, Magenta Retail, Island Pacific and Gap. 

The company, after expanding in Australia, plans to launch in overseas markets starting in 2020. 

Cover image courtesy of Slyp.