Swapi wants to democratise loyalty

Swapi is a British start-up that aims to renew loyalty programmes through a mobile application and a new "Swapi Points" payment system. This in-app currency aims to make loyalty points from all brands interoperable.

FACTS

• Swapi is a platform that created an electronic wallet dedicated to loyalty. It offers its service in the form of a mobile application available on iOS and Android.

• Users of the service can store their loyalty points within the Swapi wallet, including expired points.

• Swapi then allows them to use these points with a wide range of partner brands and retailers; the start-up has some 300 brands affiliated to its network.

• The novelty presented by Swapi is its "Points", presented as an in-app currency. Expired loyalty points, issued by partner brands, are converted into "Swapi Points" to be spent at accepting merchants.

• Swapi Points" earned from purchases can be redeemed for products, services and experiences or gift cards. A referral system also generates points.

CHALLENGES

• Making loyalty programmes interoperable: Swapi introduces an intelligent conversion system to offer an interoperable loyalty model within its network of merchant partners.

• A national model: With 300 merchant partners, Swapi has a wide coverage of the UK market, including retailers, major brands as well as more upmarket brands, hotels and airlines.

MARKET PERSPECTIVE

• Swapi carried out a first round of financing in the pre-seed phase to support the launch of its model last September. The start-up managed to raise nearly £860,000 and had a hundred or so retail partners at the time.

• It has multiplied this figure by 3 in just 3 months and thus validates a relevant model, especially as the whole promise and interest of its offer is based on its interoperability and therefore on the importance of its partner network.

• Swapi is planning an international rollout in early 2022.