Oslo-Based Receipts Raises €1.7 Million To Transform Receipt System

Receipts, a fintech company from Oslo that helps banks and stores share digital receipts, has received €1.7 million in funding. The round was led by the venture capital unit of Den Norske Bank, with extra support from Såkorn 1 Midt, Obos, and Antler.

The company gives a single set of tools that links banks and cashier systems. It takes digital receipts from stores and, with customer approval, sends them to accounting platforms, banks, and insurance companies.

The Company Works With Loyalty Programs, Using A Card Tap For In-Store Identification

It also works with loyalty programs, allowing customers use their payment cards to show who they are in-store with a card tap

With this new investment, DNB Ventures has become the biggest owner in Receipts, after the company’s founders.

A report by Respons Analyse for Receipts states that people prefer digital receipts. Most young people, about nine in ten, like getting them in their mobile bank, and more than half have had trouble finding important paper receipts. The Chief Executive Officer of Receipts, Kent Olav Ferstad sees this as a chance for banks to make their platforms more useful.

Anders Østensvig, investment manager at DNB Ventures, stated that by taking part, DNB Ventures will help DNB and the portfolio firms learn from each other while also pushing their growth. He added that Receipts is a good match for the venture business and there is much to gain from sharing knowledge and working together, giving DNB a chance to help in more ways than just funding.

Receipts Aims To Be The Top System For Digital Receipts And ‘Tap To Identify’ In Norway

According to Ferstad, the team wants to build Receipts as the go-to system for digital receipts and ‘tap to identify’ in Norway, and later move to other countries. This investment is a big step forward and the team know there is still much work to do.

Receipts is getting ready to launch its service and has teamed up with key partners, including Maxbo, OBOS, and Unimicro. The company also shared that several more deals are in discussion.

Ferstad said for financial institutions, digital receipts can bring more people to their stores and open new ways to offer extra services. For store system suppliers, the solution brings a new way to earn from existing data and lets stores give better loyalty program options.

For accounting system suppliers, handling business costs in a cheaper way will help their customers. Insurance companies can use digital receipts to make claims easier, stop fraud, and help sell special insurance plans.

He added that receipts are the last paper-based step in an otherwise entirely digital payment process. ‘tap to identify’ and digital receipts will surely bring many new and useful services for shoppers.