Swapi, which has developed an app that lets people swap loyalty points between brands, has gone live with a public investment round via Crowdcube.

“Over £300k already invested in Swapi on the first day - now is the time to join us on our mission to make loyalty better for everyone,” the startup tweeted yesterday.

Earlier this year, it raised £350,000 in seed funding as it prepared 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 goes into beta testing this summer, has been created to tackle the wasted billions that sit unused on people’s loyalty cards. 

“To secure this level of investment at such an early stage in our development is so encouraging,” he commented in March.

“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 said: “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 it 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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