“Smart Receipt” Startup e.pop Raises $1.6 Million
A FinTech that’s looking to digitize consumer receipts has raised a fresh round of funds. This week, e.pop announced that it had closed a $1.6 million seed round. To date, the startup has now raised a total of $2 million. With the latest funds, e.pop plans to expand its team and grow its user base in key markets. At this time, users are able to join a waitlist for the product on the company’s website.
Short for “electronic proof of purchase,” e.pop is a digital receipt startup based in New York City that also has a London office and a presence in the Middle East. The company seeks to eliminate paper receipts and, in turn, help environmental sustainability. Moreover, as the company explains, its digital receipt platform will provide consumers with spending insights, greater security over their personal info, and potential discounts. Meanwhile, retailers will gain “granular insights into consumer behavior” along with a new medium with which to reach and engage consumers.
Announcing the latest funding, e.pop co-founder and CEO Sunay Shah said, “I am delighted to complete our seed raise, particularly given challenges and uncertainty in economic conditions globally. With this round, we are delighted to fuel development of our ecosystem, partner with marquee retail brands, SMEs, carbon initiatives within corporate and government sectors and payment technology leaders.”
Shah went on to discuss the inspiration behind the product, noting, “Today’s consumers shouldn’t have to sacrifice privacy with merchants in order to have a relevant, stellar user experience in the form of tailored discounts and a personalized customer journey. It’s a win-win for everyone involved in the shopping journey including our planet.”
e.pop joins a growing list of FinTech startups with environmentally-minded missions. Perhaps the most famous example is Aspiration, which offers banking services, a credit card, and other financial products that support tree-planting efforts. Last fall, the neobank announced that Olivia Albrecht had been named as Chief Executive Officer, taking over the role from co-founder Andrei Cherny. Elsewhere, the company Future recently closed a $5.3 million seed round to support its debit card that rewards consumers for making Earth-friendly choices.
While e.pop’s goal sounds fairly noble, with the consumer-facing product currently waitlisted, it’s difficult to declare whether the platform seems viable. Nevertheless, the company’s mission definitely fits into an emerging FinTech trend that’s proven popular among investors. Hopefully, with these latest funds, e.pop’s platform will rollout quickly so we can all get a better look at the service.