The startup offers a cashless payment platform that enables consumers to save on parking costs while earning reward points at local merchants. By integrating automated reimbursement features, the platform enhances local consumption for retailers and municipalities, providing measurable financial benefits to users.
Funding
$370K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Local businesses struggle to attract and retain customers, often lacking the resources for effective marketing and loyalty programs. Consumers miss out on potential savings and rewards when shopping locally, and municipalities seek ways to boost local economies.
Solution
Swave provides a platform that incentivizes consumers to shop at local businesses by offering rewards and savings on everyday purchases. The platform integrates with existing payment methods, such as bank cards and Payconiq, to automatically track spending at participating merchants. Consumers can earn free consumptions or chances to win prizes, such as a Tesla, simply by shopping locally. Swave also provides local businesses with increased visibility and tools to run targeted promotions, driving foot traffic and increasing revenue.
Target Audience
Swave targets consumers seeking rewards and savings while supporting local businesses, as well as local retailers and municipalities aiming to boost local commerce.
Features
- Automatic reward accumulation through linked bank cards and Payconiq payments
- Digital receipt scanning for purchases made with cash or other payment methods
- Gamified rewards system with free consumptions and prize draws
- Merchant directory with location-based discovery of participating businesses
- Promotion engine for merchants to create and manage targeted offers
- Integration with social media platforms for increased brand visibility
- Data analytics dashboard for merchants to track campaign performance