Swiipr funding news – Travel Paytech Company Swiipr Raises €7 Million in Series A Round Funding

TX Ventures and Solano Partners supported Octopus on the funding round. The funds will be used to expand the international airline industry and to enhance Swiipr's strategy, product, and technology, including investments in R&D, AI, and data analytics.

Tara Spielhagen, Co-founder and CEO of Swiipr said: “Legacy compensation systems are unfit for purpose. Not only do they cost an airline billions of dollars every year but they also exacerbate disruption and stress. It doesn’t need to be this way in a digital age, and we are proud to have developed a new solution that solves so many pain points. Our airline partners and their customers are already reaping the benefits”

Swiipr is the first airline-specific payments platform in the world. It helps airlines digitise disrupted payments, which improves passenger experience and can reduce costs by as much as 60%. Since its inception in 2020, 26 airlines in 70 countries have already adopted Swiipr. One of these airlines is a significant flag carrier, with 4,000 employees using the platform in over 167 of its airports worldwide.

Specifically, paper vouchers are famously disagreeable to retailers and passengers, take a long time to process and distribute, are prone to fraud, and are not environmentally sustainable. Bank transfers can take months to complete, handling physical currency at airports is risky and costly, and loyalty points and future travel vouchers are sometimes not well-liked.

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With Swiipr's complete digital platform—which includes a mobile app, virtual and physical pre-paid compensation cards, and compliance with the most recent passenger rights regulations—airlines can resolve these issues for passengers and themselves with the support and resources they need.

In addition, the technology helps airlines reduce fraud and processing times, increase customer loyalty with tailored incentives, and obtain valuable retail customer insights. Additionally, during flights and delays, airlines can use Swiipr's card solutions to make operational and emergency payments to their crew and employees.

Tosin Agbabiaka, Principal at Octopus Ventures, said: “We’ve been impressed by the power of Swiipr’s offering to fundamentally transform compensation payments, delivering the scale and efficiency of modern payments to the airline industry while significantly improving the travel experience for their customers. Swiipr’s founders bring the depth of expertise in both the payments and travel industries necessary to tackle the airline compensation challenge. This complimentary skillset, and the effectiveness of its solution, have enabled Swiipr to already gain strong traction with major global carriers this early in its development.”

Jens Schleuniger, Managing Partner at TX Ventures, added: “Customer satisfaction and retention has become a differentiating factor for every airline industry. An important aspect is clearly how to compensate frustrated customers in case of denied boarding and/or significant delays. Swiipr has developed a state-of-the-art payment solution that allows every airline to swiftly deal with compensation while offering significant benefits to both the passengers as well as the respective airlines.“

About Swiipr

Swiipr are mobile, travel and payments people with a long history of successful, innovative and disruptive technology and financial services businesses and a deep understanding of the airline market.