Fintech company Skipify recently announced a strategic investment from Samsung Next, an investment group within Samsung Electronics. This investment signals Skipify’s commitment to continue improving online and in-store shopper purchasing experiences.
Skipify’s Connected Wallet is a next-gen digital wallet that links Merchants, Shoppers, and Financial Institutions at the moment of purchase for the first time. And Skipify’s Connected Wallet is linked with the world’s largest financial institutions, such as American Express.
Samsung Next is joining major financial institutions and technology companies that have backed Skipify and linked their cards and accounts to Skipify’s Connected Wallet. And Skipify’s strategic investors include Amex Ventures, PayPal Ventures, Synchrony Ventures, among others.
Samsung Next’s investment follows at the heels of Skipify’s launch of Card Linking with American Express (announced in August 2023).
By working with financial institutions and technology partners, Skipify creates a real-time nexus between shoppers, merchants, and financial institutions for the first time, with first-to-market unique advantages to participants in the ecosystem.
With Skipify, merchants can see conversion rates increase by 10% and industry-leading 99%+ authorization rates with no increase to fraud. And merchants maintain their relationship with shoppers, order and shopping data, and develop better purchasing experiences that elevates their brand.
By connecting with Skipify, financial institutions unlock new ways to interact with their cardmembers, enabling them to surface cards, points, alternative payments methods, and more into checkout in real time. And financial institutions can include real-time step-up authentication, which enables industry-leading authorization rates and increased share of wallet.
Shoppers also gain seamless access to their payment cards and can apply points and rewards to pay down their basket.
KEY QUOTES:
“We invested in Skipify because of the potential this seamless and native checkout experience could bring to Samsung users and beyond. We’re excited to join them on this journey, as they embrace the challenge of defining new opportunities and aim to shape the future of shopping experiences.”
— Carlos Castellanos, investor at Samsung Next
“As the global leader in mobile devices, we’re excited by what this investment from Samsung Next could unlock for our merchant and bank partners, as we expand our reach and extend into in-store physical payments.”
— Ryth Martin, Founder & CEO of Skipify
