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ANZ, NAB, Westpac-backed Reinventure invest in digital receipt startup Slyp

SLypThe Australia and New Zealand Banking Group (ANZ), National Australia Bank (NAB), Westpac-backed Reinventure and retail real estate firm Scentre Group have invested in digital receipt startup Slyp in its latest funding round, according to media reports.

The three Australian banks have contributed to a $4 million investment round, taking the total funding in the startup to $7 million.

Sydney-based Slyp automatically links a smart, digital receipt to a customer’s bank card, which can be viewed inside the banking app.

“This capability can provide significant value to retail customers, merchants and financial service providers and aligns with our focus on building relationships with emerging growth companies in the fintech space that can support our customers, bankers and partners,” ANZ Ventures MD Ron Spector said.

In October last year, Slyp had raised $2 million in seed funding from NAB and Westpac’s venture capital arm Reinventure. ANZ is a first-time investor in the startup.

NAB will be the first major bank to integrate Slyp into its mobile banking app later this year, with other banks to follow shortly after, the reports added.

Slyp co-founder and chief executive Paul Weingarth said the funding will be used to hire more developers as it continues to build a secure bank-grade platform.

“We are in a unique position as the platform needs to scale to millions of users within the initial six to 12 months of launch. There are several interesting scale challenges that we have had to solve, and this requires some of the country’s top technology talent, Weingarth added.

It has also signed several other Australian brands onto the platform including Harris Farm, Bing Lee, Cue fashion, among others.

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