Fintech startup goSwiff gears up for omni-POS era
By Benjamin Cher November 12, 2015
- Integrating with technologies such as bitcoin and loyalty programmes
- Looking for new funding to expand platform and markets, SEA focus
THE technology powering point-of-sale (POS) systems has evolved quite a bit from the days of the humble old cash register. From multi-display units to tablets, today’s POS system looks very different and does so much more.
Financial services technology (fintech) startup goSwiff Ltd is looking to cover all the POS bases for merchants, from online to offline transactions.
The company is already present in 25 markets across the world, with a strong focus on South-East Asia as its headquarters is in Singapore, noted its chief operating officer Stefano Diemmi.
“We are more than just a mobile POS company, we can provide something more than just accepting card payments,” Diemmi told Digital News Asia (DNA) in Singapore.
“Card payments right now make up 99% of the transactions we generate,” he conceded, “but we are integrating with other technologies such as bitcoin and loyalty programmes.”
The startup’s vision is to enable merchants to accept any kind of payment on mobile, he added.
This focus on mobile POS came about two and a half years ago – previously, goSwiff was focused mainly on e-commerce payment platforms, according to Diemmi (pic).
“We feel that there is a big opportunity here. While it probably is not really an innovation, our novelty comes from the way we deploy our solutions to our partners,” he said.
Diemmi prefers to refer to this market as the ‘smart POS’ market.
“The big differentiator with this is that you can run it out of your own device, because the software remains on your smartphone,” he said.
“This allows you to create a better and more engaging experience between the merchant and customer,” he claimed.
In Singapore, goSwiff is working with DBS Bank to pilot its solutions among several merchants. Even with markets that have stringent regulations, goSwiff has flexible technology that can integrate with local systems, he claimed.
“Our biggest differentiator is to understand and tailor the technology to the local market,” he said.
“We have experience in entering emerging markets in South-East Asia and Africa – they have a big potential and we know how to operate in these markets,” he added.
Diemmi argued that goSwiff’s strengths come from its easily customisable platform, the startup’s global experience in acquiring merchants, coupled with its expertise in creating additional value-added services such as loyalty programmes.
It can also harness its analytics backend to provide consultancy to merchants deploying its solutions, he added.
goSwiff is currently going through a new round of funding, according to Diemmi.
“We are looking for strong partners to support the growth of the company – not just financial support, but also experience and knowledge,” he said.
This round of funding follows a ‘friends and family’ round, and would mark the first time goSwiff is raising funds publicly.
“We want to consolidate the market and be among the few leaders globally to provide such services,” Diemmi said.
“We also want to expand and grow our technology and operations,” he added.
In the next six to 12 months, goSwiff will be looking to expand the functionality of its platform, and will be growing its team in Singapore to support this effort.
It will also be looking to expand to new markets in the region.
“In South-East Asia, we are strong in Indonesia, Malaysia, the Philippines and Thailand – we are looking to expand to Cambodia, Myanmar and Vietnam,” Diemmi said.
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