- SKUx announced it has raised $11 million.
SKUx – an innovative payments technology and consumer engagement platform – announced it has raised $11 million in Series A funding. This new funding round positions the company to scale its current product offerings as SKUx continues its implementations with industry-leading and global organizations spanning retail, consumer packaged goods, payments, and healthcare.
The Series A round was led by a strategic family office investor focused on fintech and payments and included significant participation from Advection Growth Capital and other strategic investors spanning across the CPG, retail, and healthcare sectors.
SKUx has transformed how consumer payments and incentives are delivered, redeemed, settled, and reported with its patented SKUPay technology. And SKUPay is a globally patented solution transforming how item-specific incentives and consumer payments (i.e. product-based payments) are delivered, redeemed, settled, and reported.
Through SKUPay, merchants are able to solve longstanding industry challenges and capture filtered spend at scale and in an open-loop manner. And SKUPay enables providers to deliver serialized, product item-level payments down to the UPC (universal product code), which ensures that payments for eligible items are authorized and ineligible items are declined.
The Merchant Benefits include:
— Lowers filtered spend set-up costs by 100x with implementation ( <25 hours vs about 2,500 hours)
— Shortens time to market by 90%
— Eliminates UPC program management friction with an automated, seamless approved item set-up
— Provides a mobile-first digital solution on a modern tech stack
— UPC data stays within the merchant domain
— Allows merchants to unlock more value for consumers
This result is much-needed standardization and efficiency for the industry at large and the potential to unlock trillions of dollars in global incremental retail value for merchants, healthcare issuers, card networks, consumer packaged goods companies, and digital mobile wallet providers.
KEY QUOTES:
“We are delighted to be invested in SKUx with our capital, advisory services, and our network of investors and operators. We are particularly pleased to have introduced Board of Advisors Member Trisha Asgeirsson to SKUx to help drive the go-to-market for SKUPay. SKUx’s product-based payments deliver cost efficiencies, better data, more effective promotions, and an improved customer experience – across payment networks, retailers, consumer product companies, and end consumers. SKUx is precisely the kind of transformational company Advection seeks to support and to help grow.”
— Greg Kennedy, the Founder and Managing Partner of Advection Growth Capital
“SKUx is deeply grateful for the continued commitment and support of our investors as we continue to strive to provide value for our customers and solve some of their biggest challenges. The launch of SKUPay™ as the next generation of product-based payment standardization is further testament to the innovation and resolve of our team.”
— Bobby Tinsley, co-founder and president of SKUx
