Upserve

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Swipely
Industry Direct Marketing, Software
Founded 2009
Headquarters Providence, Rhode Island
Key people
 Angus Davis, Josh Kopelman, and Reid Hoffman
Products Rich Internet application
Website https://upserve.com/

Upserve, originally Swipely, is a service that sells payments, analytics, and marketing tools to local merchants. The online software works with point-of-sale systems and terminals used by independent businesses including restaurants, salons, boutiques, grocers and other retailers without additional hardware.[1] Merchants in the Upserve network use the product to interact with customer spending, social media, and other data.[2]

In 2013, Forbes magazine included Swipely in its list of the top 100 “America’s Most Promising Companies.”[3] Upserve’s CEO, Angus Davis, was named to Forbes list of “America’s Most Promising CEOs Under 35.”[4]

History and Services

Swipely was founded in 2009 by Angus Davis, the co-founder of Tellme Networks, which was acquired by Microsoft in 2007.[5][6][7] Swipely was formerly a social network in which members shared their purchases with friends.[8][9][10] After its launch, Swipely was often compared to another social shopping website called Blippy.[11][12]

Swipely officially launched on May 11, 2010 as an invite-only, social shopping service that allowed users to share information about their purchases.[13] In February 2011, Swipely evolved into a loyalty platform for local merchants to reward repeat customers. The loyalty service began in Rhode Island and expanded to Boston in December 2011 with 150 participating local merchants.[14] In April 2012, the “Main Street Marketing Manager” loyalty platform for small businesses launched nationally with an update that included customer-specific communications such as “thank you” messages and targeted offers.[15]

As of December 2012, Swipely expanded its loyalty service to become an all-in-one payments, analytics, and marketing solution for local merchants.[16] Swipely’s loyalty service works with a merchant’s current credit card point-of-sales system with no additional cost.[17] The “Winter 2013” release added new features such as a Customer Relationship Management (CRM) tool to keep track of customers, Swipely Heat Map to monitor a merchant’s hourly sales performance, and a partnership with American Express that provides next-day funding on American Express transactions.[16][18] The Winter 2013 upgrade also tied into social media, and illustrates to merchants how weather, Facebook posts, and other factors impact their customers’ buying patterns.[19]

Swipely changed its name to Upserve in March 2016.[20]

Financials and Growth

The Providence start-up[21] was the first Rhode Island-based software company to raise $7.5 million in Series A venture capital.[22] In all, Swipely raised $8.5 million in funds.[23] Founder and CEO Angus Davis sits on Swipely's board of directors along with Danny Rimer, partner at Index Ventures, and Josh Kopelman, partner at First Round Capital.[23] Reid Hoffman, partner at Greylock and co-founder and executive chairman at LinkedIn, is a board observer.[24] Additional investors include Lowercase Capital led by Chris Sacca, and angel investor Ron Conway.[23][25]

In December 2012, the monthly sales transactions processed through Swipely’s system exceeded $12 million, an increase from $4 million a month in September 2012.[1][26] Approximately $250 million in sales were processed on the Swipely platform during that same period, and merchants used the platform to review data on 500,000 customers.[16][27]

As of February 2013, Swipely has more than $400 million in sales under management, with data on more than 875,000 consumers for several hundred merchant-clients.[28]

Swipely was named one of Forbes magazine’s “America’s Most Promising Companies” in 2013.[3] The company is the first Rhode Island-based firm on this Forbes list.[29] CEO Davis has also been included on the Forbes list of “America’s Most Promising CEOs Under 35.”[4]

References

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External links

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