Swapi, which has developed an app that lets people swap loyalty points between brands, has raised £350,000 in seed funding as it prepares to launch this autumn.

A collective of angel investors is backing the UK-based startup, including Sean Wilkinson, President at the Incentive Marketing Association Europe and Jon Bowles, founder of Cultural Capitalism.

Swapi was founded in 2020 by former Harvey Nichols and Harrods loyalty leader Pete Howroyd.

He says that the app, which will go into beta testing this summer, has been created to tackle the wasted billions that sit unused on people’s loyalty cards.

The new investment will be used to develop the venture’s technology.

Howroyd comments: ‘To secure this level of investment at such an early stage in our development is so encouraging.”

“It’s particularly meaningful that our first round includes people who know our industry and understand the potential Swapi has to positively transform the loyalty experience, for consumers and for brands.”

Wilkinson says: “I could quickly see Swapi’s potential to provide a simple, innovative solution to loyalty’s biggest challenges, bringing benefit on all sides.”

“The loyalty sector has been fairly static in recent times, and I think businesses and consumers will welcome the innovation that Swapi provides.”

“An easy to use app that provides people with a bit of extra cash to spend, and more choice in the way they spend it is a winning proposition.”

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