Tampere-based ReceiptHero has secured new funding from investors including angel Asko Schrey and venture capital firms SuperHero, SeedX VC, and LifeLine VC to further its development of digital receipt solutions. The company plans to use the funds to accelerate its expansion across Europe and the UK, with initial pilots set for the US within 18 months. The investment will support ReceiptHero’s efforts to replace paper receipts, aiming to reduce environmental impact, enhance data analytics for merchants, and integrate with existing POS systems. This move aligns with increased regulatory support for digital receipts across Europe and growing merchant demand.
ReceiptHero is advancing the data economy by facilitating the shift from traditional paper receipts to digital alternatives, with a focus on sustainability and mindful consumption. The company employs innovative technology to support a greener approach to transactions, benefiting both consumers and businesses. ReceiptHero’s platform integrates with existing and new POS systems, offering secure, efficient digital receipt solutions that provide insights into consumer behavior while ensuring data security.
Digital receipts present several advantages for merchants. They help reduce carbon footprints by cutting down on paper usage—Worldline’s report indicates that 42% of the carbon footprint from in-store transactions is linked to paper receipts. They also offer cost savings through automated expense management and can play a significant role in emerging data spaces, such as the Digital Product Passport and ESG reporting. For consumers, digital receipts address common issues associated with lost or faded paper slips, and merchants can gain valuable insights into customer behavior while adhering to GDPR compliance. ReceiptHero’s platform supports integration with various POS systems and ensures high standards of data security.
ReceiptHero has established strong relationships with industry players, including increased merchant demand from Worldline and its subsidiary Payone. The company is positioned advantageously amid regulatory shifts across Europe, such as Finland’s transition to ‘eKuitti,’ Sweden’s exemption of businesses from archiving paper receipts, France’s Anti-Waste Law, and the AFIR regulation on electric vehicle charging infrastructure. These changes are contributing to the growing adoption of digital receipts.
“When we founded ReceiptHero over 5 years ago we had to spend a lot of time heavily educating the market on what a digital receipt is. Fast forward to today we see a large amount of merchants inquiring about our service and they have a clear strategy on how they want to deploy digital receipts across their stores,” says Saku Pihlajaniemi, CEO of ReceiptHero.
With the growing inbound flow and strong pipeline of merchants, acquirers, and partner apps to onboard. This funding will help them accelerate their growth goals and expand further into international markets, not limited to Europe.
Click to read more funding news.
Read the orginal article: https://arcticstartup.com/receipthero-raises-funding/
