Receiptable, a pioneering FinTech firm, has successfully secured its first institutional investment in a pre-seed funding round led by HP Spring Studios.
The pre-seed round was spearheaded by HP Spring Studios, a venture fund supported by the Al Waha Fund of Funds and the international investment firm Hambro Perks, according to a report from Wamda.
With this financial injection, Receiptable is set to embark on an ambitious plan that includes recruiting new talent, further developing its digital platform, and launching its first partnership with a bank in Bahrain.
At its core, Receiptable is revolutionising the way digital receipts are managed and utilised. The company’s innovative approach provides a direct, seamless method for delivering digital receipts into customers’ bank applications, unlocking detailed spend data for both banks and retailers. This technology fosters improved customer experiences and offers businesses valuable insights, pushing the boundaries of what’s possible in the FinTech sector.
Zainab Khamis, the Head of HP Spring Studios in Bahrain, expressed her excitement about the investment. Khamis said, “Our investment in Receiptable is not only exciting due to its innovative approach that is bridging the relationship between banks and retailers through digital receipts, but also because it aligns with our vision of adding substantial value to Bahrain’s FinTech ecosystem.
“We are enthusiastic about the potential of the platform for unlocking valuable data and paving the way for enhanced service personalization. As the demand for digital solutions accelerates, Receiptable is perfectly positioned for significant growth and success within the dynamic fintech industry.”
Chris Purdie, CEO of Receiptable, said, “With the support from HP Spring Studios, Receiptable is poised to enhance the post-purchase retail experience, make our existing banking apps a daily touchpoint, and significantly reduce the billion paper receipts produced annually in Bahrain. This investment is not just a financial boost; it’s a potent catalyst for tech innovation and talent cultivation, right here in our Bahrain base. It also presents a great opportunity for us to utilise HP Spring Studio’s regional network and access to banking and fintech experts.”
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