Newsroom - 28th May 2019
KACHING Retail takes in Swedbank as new investor
KACHING Retail, provider of innovative mobile cash solutions for the retail industry, closes a new investment round. Led by Swedbank, the leading Nordic-Baltic Banking Group, the round also includes Brightly Ventures, Collector Bank and former Apple manager, Erik Stannow.
KACHING Retail has developed an innovative mobile cash solution for enterprise retailers. The Kaching mPOS enables store associates to better engage customers anywhere on the store floor.
KACHING’s mPOS is currently used by IKEA and leading Apple Premium Resellers; both companies have realised higher customer satisfaction and increased sales since the introduction of the Kaching mPOS in select locations.
- Further to the investment, Swedbank has entered a commercial partnership with KACHING Retail, where we will also be able to offer our customers access to Swedbank Pay's services, says Mathias Plank, Founder and CEO of KACHING Retail.
Swedbank, together with its subsidiary PayEx, has gathered its payment offer under the Swedbank Pay product brand and is one of the leading players in payments with just over 100,000 retail customers in the Nordic and Baltic countries.
- There is a high demand for innovative, flexible and smart cash solutions, from both retailers and consumers. Through the investment and cooperation with KACHING Retail, we can further work to drive the development forward so that mobile solutions for payments can become even more flexible and efficient for both our customers and consumers, says Linus Singelman, Head of Group Commerce at Swedbank and Swedbank Pay.
The investment round, which amounts to SEK 48.5 million, is led by Swedbank. Other investors include Brightly Ventures with John Elvesjö who started EyeTracking company Tobii, former Apple manager Erik Stannow, who worked at Apple for 17 years, most recently responsible for Apple in the Nordic countries. Erik Stannow also joins as Executive Chairman of the Board of KACHING Retail. Existing investors also include Collector Ventures, which increases their holding in this round.
KACHING Retail's ambition is to improve the customer experience in all sales channels by developing solutions that support and streamline the digitization of sales processes and payments in order to improve the customer experience in all different sales channels.
For more information contact
Mathias Plank, Founder & CEO, KACHING, tel: +46 70 536 02 00
Linus Singelman, Head of Group Commerce, Swedbank, tel: +46 72 500 89 41
John Elvesjö, Managing Partner, Brightly Ventures, tel: +46 70 482 34 98