Oslo-based Receipts, a B2B fintech serving financial services, has raised NOK 20M (approximately €1.7M) in a new investment round to accelerate its expansion. DNB Ventures led the funding round, with participation from OBOS, Såkorn 1 Midt, and Antler.
With this deal, DNB Ventures will become the largest shareholder aside from the company’s founders.
Anders Østensvig, investment manager at DNB Ventures, says, “Through active ownership, DNB Ventures will be a driver of mutual learning and insight between DNB and the portfolio companies, while also contributing to the companies’ development.”
“We saw early on that there was a good match between Receipts and our venture business. There is great potential for knowledge exchange and collaboration, and thus a good opportunity for DNB to contribute more than just capital,” adds Østensvig.
Simplifying digital receipts
As digital receipts become more common, fragmented solutions across apps, emails, and texts create inefficiencies in financial management and warranties. Receipts aims to solve this by connecting store systems, banks, and accounting platforms.
The company provides infrastructure for automatically extracting digital receipts from store systems, enabling consumers to share them with banks, accounting platforms, and insurers, among others.
The solution also supports loyalty programmes, allowing shoppers to identify themselves in-store via their payment card using “tap to identify” technology.
A survey by Respons Analyse for Receipts shows consumer demand for digital receipts. Nine out of ten young people prefer receiving them in their mobile bank, and over half have struggled to find important paper receipts. Kent Olav Ferstad, CEO of Receipts, sees this as an opportunity for banks to enhance their platform’s relevance.
DNB Ventures’ investment manager, Østensvig, points out the environmental benefits of eliminating paper receipts. In Norway, 900 million receipts are printed annually from 2.7 billion card transactions. Removing these receipts would lead to savings for the retail sector and help reduce environmental impact.
Østensvig sees Receipts as an innovative solution to inefficiencies in consumer payment processes. He highlights the company’s business model and technology, emphasising that all data sharing is based on consumer consent. Østensvig believes Receipts has the right approach for success.
Capital utilisation
Receipts will use the funds to speed up its rollout in Norway.
Ferstad, CEO of Receipts, says, “Our ambition is to establish Receipts as the preferred infrastructure for digital receipts and “tap to identify” in Norway, and then expand internationally. This investment is an important step on the way. We are humbled by the work that remains and by the trust these professional investors show us.”
Receipts is nearing the launch of its service and has secured key partners, including OBOS, Maxbo, and Unimicro. Additionally, several agreements are currently under negotiation, says the company.
Need for Receipts’ solutions
CEO of Receipts, Ferstad, says, “For banks, digital receipts could, among other things, provide increased traffic to their stores and new opportunities for selling additional services. For suppliers of store computer systems, the solution provides a new source of income from existing data and the opportunity to offer stores better functionality related to loyalty programmes.”
“For suppliers of accounting solutions, a more cost-effective handling of business-related expenses will create value for their customers. For insurance companies, digital receipts can be used to simplify claims processing, reduce fraud and sell targeted insurance products.
The receipt is the last analog link in an otherwise fully digital payment process. Digital receipts and “tap to identify” will undoubtedly enable many new and exciting services for consumers,” adds Ferstad.