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ShopKeep receives $60m in Series D Funding to enter UK market PDF Print E-mail
Wednesday, 29 July 2015

ShopKeep today announces its launch in the UK market following a $60m Series D round of fundraising. The cloud-based iPad Point-of-Sale (PoS) provider that targets small independent retail and restaurant businesses will use this injection of capital to aggressively grow its international presence, starting with the UK.

The company’s entry into Britain and Ireland and hire of Christophe Delacroix, the founder of a major UK epos reseller, will mark the start of intense international competition for the UK EPOS market. Big differences between UK and US payment systems have been a barrier to entry for US-based EPOS providers but, with the latter adopting EMV (Chip and Pin) and Apple Pay recently launched in the UK, that barrier has now been removed.

A number of US iPad payments firms look likely to focus on the UK in the coming months with the market acknowledged as the next prime target for the wider rollout of iPad payments systems. When they arrive competition is expected to be as aggressive as anything seen in the US. With 41% of UK SMEs using Windows based systems, 37% using electronic cash registers and only 4% utilising iPad PoS systems, there is a considerable commercial opportunity.

ShopKeep is one of the leading cloud-based technology and business management solutions and is used by 18,000 independent merchants in the US. Led by Activant Capital, with support from existing investors, ShopKeep has raised $97.2M in funding since it was launched in 2008 by a small business owner. It has cemented its position as not only the go-to point-of-sale and payment technology provider for independent businesses, but also as a comprehensive operating system, a platform offering customer marketing, inventory and staff management, back-end reporting and detailed analytics. The latest funding will allow it to focus on doing the same for independent UK businesses.

In 2015, Shopkeep has already experienced substantial growth, including:

    •    The strategic acquisition of Payment Revolution and subsequent launch of ShopKeep Payments, a customisable, contract-free payment solution for merchants seeking one centralised system
    •    138% YoY growth (monthly recurring revenue) through June 2015
    •    More than $5bn in transactions processed through ShopKeep’s network in the past year
    •    Accelerated merchant adoption rates with more than 1,000 new merchants being added each month

“From the moment I founded this company in the back of my grocery store in 2008, we’ve worked towards one objective - making independent retailers and restaurateurs more successful. We now provide a one-stop-shop for merchants looking for cutting edge technology and 24/7 personal customer service,” remarked Jason Richelson, ShopKeep Founder and seasoned retailer.  

“With this funding we’re looking to fundamentally change how small businesses are run in the UK. We’re essentially becoming an affordable IT department for the small business owner, democratising access to the kind of technology and data that used to be the preserve of big corporates. Ultimately this means merchants are able to run more efficient operations. Companies of this size are the backbone of Britain’s economy and we want to deliver them the tools required to thrive in the current climate. The future of independent retail and hospitality in the UK and Ireland is bright and we want to play a big part in it.”

"This is a crucial time for the mobile payments and small business technology sectors - both are evolving at a rapid pace and competition amongst the major players is heating up. ShopKeep is at the forefront of this evolution and is offering the most comprehensive and forward thinking solution for growing businesses, combined with unmatched customer care," said Steve Sarracino, founder of Activant Capital.

"We see tremendous opportunity for the company to build on its existing success as the operating system for small business and retail, and rise above the noise to cement its position as the industry leader in this space.”

(Source - ShopKeep Press Release)  

 

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