Credit card giant Synchrony Financial made a strategic investment into electronic receipt company FlexReceipts.
Synchrony is the largest provider of private label credit cards in the U.S. based on purchase volume and receivables and the investment was made through its Strategic Investment Group, which focuses on early stage companies. The amount of the investment wasn’t disclosed.
FlexReceipts provides retailers with sku-level data and analytics. Customers are asked at the point-of-sale as to whether they want a paper receipt or have the receipt e-mailed to them. Customers that opt in to get a digital receipt have the potential to get additional offers and reduce paper clutter. When customers get their digital receipt, it may come with other product recommendations, which can lead to more sales.
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“We are pleased that our largest round of funding to date includes significant new investors like Synchrony Financial, a company with over 80 years of retail expertise,” said FlexReceipts chief executive officer Tomas Diaz. “FlexReceipts’ enhanced loyalty and data analytics capabilities complement Synchrony Financial’s leading technology platform and deep relationships with retailers, merchants and service providers.”
FlexReceipts has raised $5 million as of June. The company was founded in 2011 by Tomaz Diaz and Jay Patel and is in more than 7,000 retail locations with clients like Aldo Shoes, Gander Mountain and independent retailers like La Perla and Paige Denim.
Retailers are able to get insights from the smart receipts like consumer behavior, sales trends and it promotes better interaction with the customer after they leave the store.
FlexReceipts also completed the Y Combinator business acceleration program and joins the ranks of other startups like Airbnb and Reddit.
This isn’t Synchrony’s first foray into retail e-commerce. The Strategic Investment Group has made strategic investments in GPShopper, a mobile platform for retail apps and LoopPay a mobile platform that was eventually integrated into Samsung Pay in 2015.