Receet, an innovative mobile app platform for simplifying business transactions, has bagged new funding from Ibtikar Fund. This is a major boost for the FinTech startup that provides digital receipts in any business transaction requiring a receipt.
The company’s sophisticated platform makes sure that consumers get their receipts without having to provide their name or other personal information such as email and phone number. Instead, Receet offers a technology that uses NFC or Bluetooth technology to push the digital receipt to the customer’s smartphone in real-time.
Highlighting the benefits of the Receet app, the company’s founder and CEO Omar Barkawi, said: “Using the Receet app consumers can easily find receipts to make a return, file taxes or complete expense reports by searching for the receipt on their smartphones.”
He added: “They can also categorize receipts and will have the ability to upload their receipt data to personal accounting software and business expense tracking software and apps,” continued Barkawi.
Apart from making life easier for both vendors and customers by facilitating faster and effortless receipts, Receet’s technology also benefits the environment by limiting the use of paper receipts. For perspective, receipts account for more than 10 million trees and 250 million gallons of oil per year in the United States alone. That’s more than enough to produce 4 billion or more pounds of CO2 annually.
Additionally, the digital receipts facilitated by Receet are also customizable to individual requirements. For example, merchants and vendors can add a YouTube link showing how to properly assemble and install the purchased item, and so on.
These receipts are also easily indexable and can be sorted and searched easily — that’s something the run-of-the-mill email or SMS receipts cannot guarantee.
The new funding from Ibtikar Fund will help the startup to further polish its product and strengthen its position in the target markets.