May 29, 2019
Swedbank has invested $5 million (48.5 million kronor) into Kaching Retail, a Swedish provider of mobile point-of-service technology for retailers, and has entered a partnership with the company to provide mobile payment capabilities to Swedbank customers.
In return, the bank will offer access to its Swedbank Pay service to Kaching Retail customers.
"There is a high demand for innovative, flexible and smart payment solutions from both merchants and consumers," Linus Singleman, head of group commerce and Swedbank Pay at Swedbank, said in a press release. "Through the investment and cooperation with Kaching Retail, we can now continue to drive this development forward, so that mobile solutions for payments can become even more flexible and efficient."
Brightly Ventures, led by John Elvesjo, participated in the funding round, along with former Apple executive Erik Stannow, who led the company's Nordic business. Collector Ventures, an existing investor in Kaching, also participated in the investment.
Kaching currently works with Ikea and Apple Premium Resellers and says that both companies have seen increased sales and higher customer satisfaction since introducing the mobile POS.
Topics: Financial News, Mobile Apps, Mobile Banking, POS, Retail
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