The Bahrain-based fintech firm Receiptable bridges the data gap between banks and retailers through digital receipts and has raised funding from HP Spring Studios. This is the first institutional investor in the startup.
The funding by Receiptable will be used to build its platform, recruit talent, and also launch with it’s first partner bank in Bahrain.
Zainab Khamis, the Head of HP Spring Studios, Bahrain, said in a note that the investment in Receiptable is exciting not only because of the startup’s innovative approach in bridging the gap between banks and retailers but also the fact that it aligns with the vision to add substantial value to Bahrain’s fintech ecosystem.
Khamis added that the platform has the potential to unlock valuable data and pave the way for enhanced service personalisation. HP Spring Studios is a venture fund backed by Al Waha Fund of Funds and Hambro Peaks.
Receiptable focusses on simplicity, it provides a solution for delivering digital receipts directly to the customers’ bank apps. By unlocking line-level spend data for both banks and retailers, Receiptable enables better customer experience and also unlocks insights for businesses.
Chris Purdie, CEO of Receiptable, said with the funding from HP Spring Studio’s the fintech firm is in a position to enhance post-purchase retail experience that makes existing banking apps a daily touchpoint and also reduce the billion paper receipts that are produced annually in Bahrain.
Purdie added the investment not only gives the fintech firm a financial boost, but also acts as a catalyst for tech innovation and talent growth in Bahrain. It also creates an opportunity for Receiptable to utilise HP Spring Studio’s regional networks and access to the banking and fintech experts.
