ReceiptHero, the Finnish fintech that has built an open ecosystem for banks and merchants to power itemized digital receipts, has raised €2 million in seed funding. The round is led by Finnish venture capital firm Lifeline Ventures (which has previously backed the likes of Wolt, Supercell, Varjo, and Oura, to name a few), with participation from new investor Superhero Capital and Sweden’s Vidici Venture.
Founded in late 2018 after their previous startup, eTasku (the Expensify of Finland, which was acquired by Accountor Group), the team was not finished digitalizing the receipt handling process and started to build what is today a full end-to-end platform for transmitting digital receipts from merchants to customers banking or account apps.
The team has spent the last year building out further integrations into merchant electronic cash registers (ECR) and payment service providers. ReceiptHero has also become PCI DSS compliant, allowing the company to store payment data when matching the receipt data to the customer’s bank card. Large merchants have started to join the platform, most notably Neste (a gas station with 600 locations) and R-kioski (convenience store with 500 locations).
On the banking side, ReceiptHero is currently working with Nordea (via integration in Nordea Wallet) and just announced a new partnership with SEB where they will integrate into the Eurocard proposition and later into SEB’s retail banking app.
The team believes in a world where digital receipts will flow across borders and between receipt vendors, and this can only happen with a level playing field with aligned incentives.