SwipeStation, a mobile payment provider for the stadium and events sector, has surpassed its £250,000 (€281,000/$342,000) funding target through equity crowdfunding platform Seedrs.
SwipeStation, which launched in 2012, aims to solve the problem of queueing for drinks at venues with a quick ordering and payment service. The service does not require phone connectivity and works in airplane mode.
The company lists a number of independent clubs and venues as clients, including Championship football team AFC Bournemouth, League One outfit Sunderland and Coventry’s Ricoh Arena. SwipeStation also holds partnerships with Sodexo/Centerplate, Compass and Delaware North.
The £250,000 figure has been raised through a convertible loan campaign. SwipeStation is also eligible for the Future Fund, which means whatever the company raises will be matched by the government.
The funding campaign has 37 days remaining but has already raised £253,430 from 118 investors.
SwipeStation claims to offer clients “a blend of licence fee and revenue share”. Clients can hire SwipeStation units for £50 each per match and pay between 5% and 18% of all the revenue that goes through the app on the day.
SwipeStation said that the percentage will depend on the usage so that clients are encouraged to introduce the system in more parts of the stadium.
In an overview of its service posted on Seedrs, SwipeStation said: “Before the pandemic, the SwipeStation service was a ‘nice to have’ – increasing sales and improving the fan experience. We are facing a world where our offering is a ‘need to have’ – where stadiums and other locations for mass gatherings must adapt if they are to serve visitors safely and profitably.”
The company will look to use funding from the Seedrs round to further expand its offering across the sector.