Payments technology developer SKUx scores $11m

Payments technology developer SKUx scores $11m

SKUx, a payments technology and consumer engagement platform, has secured $11m in its Series A funding round to help it scale its product offerings.

The round was led by an unnamed strategic family office investor that is focused on FinTech and payments. Other commitments also came from Advection Growth Capital and other strategic investors spanning CPG, retail, and healthcare.

SKUx claims to be transforming how consumer payments and incentives are delivered, redeemed, settled and reported. Its SKUPay solution transforms how item-specific incentives and consumer payments, such as product-based payments, are delivered, redeemed, settled, and reported.

Advection Growth Capital founder and managing partner Greg Kennedy said, “We are delighted to be invested in SKUx with our capital, advisory services and our network of investors and operators.

“We are particularly pleased to have introduced Board of Advisors Member Trisha Asgeirsson to SKUx to help drive the go-to-market for SKUPay. SKUx’s product-based payments deliver cost efficiencies, better data, more effective promotions, and an improved customer experience – across payment networks, retailers, consumer product companies and end consumers. SKUx is precisely the kind of transformational company Advection seeks to support and to help grow.”

In other PayTech news, cross-border payments FinTech company Thunes has secured $30m in an ongoing Series C funding round. The capital was supplied by London-based hedge fund Marshall Wace. Thunes did not outline what the total size of the Series C round is or who any of the other backers are.

Headquartered in Singapore, Thunes is building a global payment infrastructure to improve payment experiences. It offers a simple connection to APIs that allow businesses and customers to send and receive payments from all parts of the world.

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