Slip Secures £2.5M for Digitized Receipt System

Slip, a female-founded tech platform specializing in receipt management, has recently secured £2.5 million in funding. This significant investment will enable the company to further develop its technology, expand its team, and help more retailers leverage digital receipts to gain valuable customer insights.

Slip’s innovative approach transforms traditional paper receipts into a digital format that feeds directly into customer relationship management (CRM) systems and marketing technology stacks, thereby offering a wealth of data that can be used to enhance customer engagement and loyalty.

Slip’s platform integrates seamlessly with existing systems through its robust API, thanks to strategic partnerships with major technology providers such as Shopify, Klaviyo, Epos Now, and Sitoo. This capability allows insights from customer activity to be fed directly into partner CRMs or marketing technology stacks, providing retailers with a comprehensive view of their customers' behaviors and preferences.

The environmental impact of paper receipts is substantial, with the UK alone printing around 11 billion receipts annually, most of which end up in landfills. Slip’s solution not only helps reduce this waste but also turns receipts into valuable digital assets.

One notable success story for Slip is its partnership with JD Sports, a leading sports-fashion retailer. Last year, JD Sports teamed up with Slip to digitize their receipt process. This initiative aimed to use receipts as an acquisition channel for their brand loyalty app, JD STATUS, without adding friction to the purchase process. The results have been impressive, with the Slip-powered approach driving over 25,000 app downloads and being implemented across 400 JD Sports stores. This demonstrates the potential of digital receipts to significantly enhance customer engagement and loyalty.

The recent £2.5 million investment will be pivotal in advancing Slip’s technology and enabling the company to onboard more retailers. Additionally, Slip plans to expand its team from the current seven employees to accommodate the growing demand for its services. As part of this expansion, Slip has welcomed Myles Dawson, the former Managing Director of Adyen UK, as Chief Commercial Officer. Dawson’s expertise in commercial strategy and growth will be instrumental in driving Slip’s next phase of expansion.

Tash Grossman, the founder and CEO of Slip, is at the forefront of this innovative transformation. She articulated the company’s mission, stating, “Until now, receipts have represented nothing but waste and a wasted opportunity. We’re transforming the humble receipt from its static, destined-for-landfill status into a data-rich source of customer insight.”

Grossman’s vision is to harness the untapped potential of receipts to drive customer engagement and unlock valuable data. She noted the significant impact that Slip’s software has had on its early adopter retail partners, with substantial increases in email sign-ups and app downloads. This latest investment will enable Slip to work with more retailers, enhance its product offerings, and contribute to environmental sustainability by reducing the number of paper receipts that end up in landfills.

The move towards digital receipts offers a dual benefit. Environmentally, it helps reduce the massive waste generated by paper receipts, which are often not recyclable due to the use of thermal paper coated with BPA or BPS. Technologically, it provides retailers with a sophisticated tool for gathering and analyzing customer data. By integrating digital receipts into existing CRM and marketing systems, retailers can obtain a more nuanced understanding of customer behavior, which can inform personalized marketing strategies and improve overall customer satisfaction.

The shift towards digital receipts is part of a broader trend in the retail industry towards digital transformation and sustainability. As consumers become more environmentally conscious, the demand for eco-friendly business practices is increasing. Retailers are also recognizing the value of digital transformation in enhancing operational efficiency and customer engagement. Slip is well-positioned to capitalize on these trends with its innovative receipt management platform.

Moreover, the integration of digital receipts with advanced analytics and AI-driven insights can further enhance their utility. Retailers can use these insights to tailor their marketing efforts, optimize inventory management, and enhance customer loyalty programs. The potential applications of digital receipts are vast, and Slip’s continued innovation in this space promises to unlock new opportunities for retailers.

Slip’s recent funding round and strategic partnerships mark a significant milestone in its journey to revolutionize the receipt management industry. By transforming paper receipts into digital assets, Slip is not only contributing to environmental sustainability but also providing retailers with valuable tools to enhance customer engagement and loyalty. The company’s innovative approach and strategic vision, under the leadership of Tash Grossman and with the support of industry experts like Myles Dawson, position it for continued growth and success in the evolving retail landscape.

As Slip continues to expand its technology and customer base, it is set to play a pivotal role in the digital transformation of the retail industry. The company’s commitment to innovation, sustainability, and customer-centric solutions will drive its mission forward, ensuring that the humble receipt becomes a powerful tool for business intelligence and customer engagement.