Skipify receives a major investment from Samsung

Samsung recently decided to make a significant investment into a fintech outfit, Skipify, a company that seeks to smooth online checkout experience for the users.

Skipify has been collaborating with a number of financial institutions to change the way customers experience checkouts while paying for goods and services online.

Samsung joins the ranks of Skipify investors

The company created a system where the consumers’ eligible payments are pulled from their accounts and stored directly alongside their billing address information on file. This process takes place after the payments are securely authenticated at checkout.

Seeing the potential in the company’s mechanism, Samsung joined the likes of PayPal and American Express, as well as a host of other VCs, such as Flourish Ventures, Synchrony Ventures, and Okta Ventures, becoming one of the company’s major shareholders.

Neither Samsung nor Skipify revealed the size of the investment, but it was large enough to be officially recognized as significant.

Samsung Next’s investor, Carlos Castellanos, stated that the company invested in Skipify because of the potential of its seamless and native checkout experience. He added that the company’s change to the checkout experience could bring major benefits to Samsung users, as well.

“We’re excited to join them on this journey, as they embrace the challenge of defining new opportunities and aim to shape the future of shopping experiences,” Castellanos added.

Samsung Next invested soon after Skipify launched its Card Linking with American Express, which was previously announced in August of this year. Skipify’s founder and CEO, Rhythm Martin, commented on the development, stating that the company is excited by what Samsung’s investment could mean and what it could unlock for Skipify.

According to Martin, Samsung getting involved could bring even more benefits for the firm’s merchant and bank partners, as it would allow the company to expand its reach, and extend into in-store physical payments.

Skipify as a game-changer for merchants, shoppers, and financial institutions

So far, Skipify’s system created a real-time nexus between merchants, shoppers, and financial institutions. This was possible thanks to the company’s numerous partnerships with tech partners and financial institutions. As a result, there is now a network of connections unlike anything that existed before, with first-to-market unique advantages to all those who participate in the ecosystem.

Skipify allows merchants to view conversion rates increase by 10%, as well as industry-leading 99%+ authorization rates, with no increase to fraud. Furthermore, merchants get to maintain their relationship with buyers, receive shopping data, and create better purchasing experiences.

Even financial institutions get to benefit by joining up with Skipify, as they get to unlock new ways to interact with their cardmembers.