Start-up loyalty app Swapi has smashed its £300k equity crowdfunding target on Crowdcube just hours after going live – however there is still time for the public to get on board with its mission to change the game in loyalty.
Swapi is the loyalty app that is currently challenging traditional loyalty models with a flexible, customer-centric offer – tackling the lack of engagement and frustration many consumers feel when it comes to their points programmes.
Founded in 2020 by global loyalty expert Pete Howroyd, the app is an industry-first ‘digital wallet’ that transforms the way loyalty rewards are earned and spent for brands and consumers, putting ‘points power’ into people’s hands in a new way.
It allows consumers to swap points balances between different brands and loyalty programmes, by consolidating all of their loyalty cards within the app; plus they can earn Swapi Points™, Swapi’s own brand loyalty points, which can be earned through card linking, affiliates and gamification on the go, and redeemed in the dynamic Swapi marketplace.
Based in the UK and set to launch this autumn, Swapi raised an initial £350,000 in seed funding in early 2021 from a collective of angel investors including Sean Wilkinson, President of the Incentive Marketing Association Europe and Jon Bowles, founder of Cultural Capitalism Ltd.
This new round on Crowdcube will support development of the proprietary technology that facilitates Swapi’s swap function, plus drive plans to quickly scale globally, with an international ‘points swap’ being built into the app for release in 2022.
Although 100% of the Crowdcube target has been met, Swapi continues to offer the public a chance to join their exciting business as a shareholder until Friday 30th July.
Founder Pete Howroyd, who throughout his career has led loyalty with brands including Harrods and Harvey Nichols, commented: ‘Having worked within loyalty for many years, I’ve seen brands consistently come up against the same problems which are never properly addressed. Consumers find loyalty frustrating. They belong to multiple schemes but they lose track of their points, which either don’t get spent or they expire. It’s a huge problem, with research showing that there are £6 billion worth of unspent points in the UK alone. This is bad for consumers, who are missing out on the benefits of loyalty. But it’s also bad for businesses, with loyalty programmes that don’t deliver and a lot of loyalty liability on the balance sheet.
‘I created Swapi to change the game in loyalty and give today’s consumers what they want in terms of more flexibility, choice and ease when it comes to spending. We have garnered a huge amount of support in the retail industry to date, with leading retail providers such as Eagle Eye already on board, and many brands signed up to join as we count down to launch. We are thrilled to have reached our initial target so quickly on Crowdcube, and we are now very excited to welcome further investment from the Crowdcube community and to have investors join us on our exciting loyalty mission.’