London-based MishiPay has raised €4 million in a Series A funding round, with participation by American Express Ventures, Nauta Capital and United Ventures.
MishiPay’s mobile self-checkout solution allows customers to simply scan and pay for items using their smartphone, enabling them to exit the store without any need to wait in line. This kind of shopping experience is a priority for many retailers. Unlike many other systems being tested, MishiPay can integrate into retailers’ existing infrastructure quickly, seamlessly and at a fraction of the cost of hardware-heavy solutions.
“Retailers around the world are under pressure to create an outstanding customer experience,” said Julia Huang, managing director at American Express Ventures. “We believe MishiPay is well-positioned to play a key role in the omnichannel retail revolution and are pleased to support the company in its next phase of growth.”
The startup has already begun generating value for retailers across Europe, including Decathlon, the world’s largest sporting goods retailer, and MediaMarktSaturn, Europe’s largest electronics retailer, by reducing checkout times in store and improving customer experience.
“American Express is one of the world’s most trusted brands and brings unparalleled knowledge and experience,” said Mustafa Khanwala, founder and CEO of MishiPay. “We are also delighted to have the support of Nauta Capital once again and the addition of United Ventures, another great retail-focused VC. We believe we have found investment partners who share our vision for the next stage of our growth as we continue to scale across Europe and into the US.”