ReceiptHero, the Finnish fintech that has built an open ecosystem for banks and merchants to power itemised digital receipts, has raised €2 million in seed funding. The round is led by Finnish venture capital firm Lifeline Ventures (which has previously backed the likes of Wolt, Supercell, Varjo and Oura, to name a few), with participation from new investor Superhero Capital, and Sweden’s Vidici Venture.
Founded in late 2018 after their previous startup, eTasku (the Expensify of Finland, which was acquired by Accountor Group), the team was not finished digitalizing the receipt handling process and started to build what is today a fully end-to-end platform for transmitting digital receipts from merchants to customers banking or account apps.
‘In times of contactless interaction and digital payment methods, we still receive a paper receipt at the point of sale. We need to stop this madness!’ ReceiptHero’s co-founder and CEO, Joel Ojala.
The team have spent the last year building out further integrations into merchant electronic cash registers (ECR) and payment service providers. ReceiptHero has also become PCI DSS compliant, allowing the company to store payment data, when matching the receipt data to the customers bank card. Large merchants have started to join the platform, most notably Neste (gas station with 600 locations) and R-kioski (convenience store with 500 locations).
On the banking side, ReceiptHero is currently working with Nordea (via an integration in Nordea Wallet) and just announced a new partnership with SEB where they will integrate into the Eurocard proposition and later into SEB’s retail banking app
“We’re making some real strides now with merchants and potential bank partners, we’ve hit an inflection point where banks understand the potential of digital receipts and value for their customers. For merchants they feel safe with ReceiptHero protecting their customer data and payment information,” said co-founder and CEO Joel Ojala.
The team believes in a world where digital receipts will flow cross borders and between receipt vendors, and this can only happen with a level playing field with aligned incentives. ReceiptHero has been pushing competing offerings to find ways to integrate together, without it feeling like a competitive burden: “There’s over 500 billion transactions globally, where a digital receipt could be generated and passed into a customers bank app, there is definitely enough cake for everyone”, said co-founder and CEO Joel Ojala.
The round was formed by local investors, Lifeline Ventures being Finland’s largest fund who operates in early stage rounds will join the company’s board. Vidici Ventures, a fintech focused VC based out of Stockholm had already been active with ReceiptHero prior to this round.
“ReceiptHero is an exciting company for all players in the payments ecosystem as its digital receipt platform provides various value-add benefits. The core team has strong domain knowledge in this space and we are happy to join the company in its quest to be the winning platform in the new era of digital receipts” said Samuli Leppänen, of Lifeline Ventures.