eReceipts closed funding of just over £400,000

18 November 2011

Following their presentations in June and September 2011, eReceipts closed funding of just over £400,000. eReceipts provides an electronic solution to the pain of managing, storing and retrieving receipts for proof of purchase and business expense purposes. Digital receipts are created and collected primarily from retailers’ EPOS systems, payment gateways and individuals’ mobile devices. The Company has recently partnered with IBM Retail who provide 35% of the UK’s EPOS systems. These receipts are seamlessly sent and stored in a secure eReceipts online account that can be accessed via a login and password. The Company’s primary revenue stream comes from businesses, charging them to provide a real-time tracking of all their employees’ expenses. Secondary revenue streams come from individual consumers (charging to redeem any receipt more than 28 days old) and Retailers, who are able to data-mine their customers’ repositories. The Company is discussing an initial pilot program with Travis Perkins and is in negotiations with Tesco, Harrods, JLP and a number of Payment Gateways. The Board is chaired by Lord Ian Maclaurin, ex CEO of Tesco and ex Chairman of Tesco and Vodafone.