Polish fintech startup iPOS raises €360k for its payment solution to replace cash registers for SMEs

ipos

Founded in 2016, Polish startup iPOS simplifies the daily routines of retailers with its duo cash terminals, which combine the functionalities of a fiscal tracking device, payment terminal, and remote store management software.

The startup has now raised €360k from Andrzej Klesyk, the former president of PZU and the founder of Inteligo, and Konrad Korobowicz, the president of eCard.

iPOS’ product gives retailers the ability to monitor sales results, while increasing access to non-cash forms of payment. The startup’s unique hardware allows retailers to accept card payments without having to rent a terminal or sign a long-term contract.

“Entrepreneurs are not supporters of cash registers,” said Michał Pawłowski, board member of iPOS. “In Poland, fiscalization of sales is obligatory, and the device itself, although quite expensive, does not provide any added value to business. The cash register ‘knows’ everything about the quantity and prices of products sold and the turnover of specific cashiers. The problem is that the cash register does not share this information. It can only print an illegible report on a narrow strip of thermal paper, which in the age of the Internet and smart phones is simply archaic.

“The users of our product can see every receipt, sales report, the start time of cashiers’, and many other parameters in real time. All in a friendly interface, on any device with access to the Internet and for a small monthly subscription fee, and the device can be turned off if the business is not operating. However, the cash terminal – including a fiscal device, payment terminal and sales software installed on it – costs as much as the average quality cash register.”

In the near future, iPOS plans to expand its solution to more franchises. The main advantage of the product in this case is its ability to report results from a large number of stores in real time. For franchise and commercial chains, which often supply franchisees with commodities, information on stock levels and product demand is crucial.

“We are pleased that our solution, which is iPOS cash terminal, has gained recognition in the eyes of the valued investors,” added Pawłowski. “It is a great distinction for us, and at the same time a confirmation that the work and effort we have put in our innovative solution is important. The funding will be used to further develop of new functionalities of our products and tp acquire new users.”