UK-based fintech startup, truRating, has secured a further $16.5 million in funding to fuel its expansion overseas including across Australia.
The startup launched here in February and has been conducting trials with local businesses for its app, which allows them to ask customers to rate their overall experience from zero (the lowest rating) to nine at a payment terminal.
Ratings feed into a merchant’s data analytics platform where they can determine ratings over time and how they are comparing to other businesses that are also using the platform.
The latest Series A funding was led by investment office, Sandaire, and brings the startup’s total investor-led financing to $23.85 million.This followed prior rounds of angel and seed funding totaling $7.3 million.
“We are about to launch in the US and Canada, and Australia and the UK are very much on the growth curve, so it’s making sure we have the right resources and people on board,” said Georgina Nelson, founder and CEO of truRating.
“We are very much listening to what our merchants want in terms of that data analytics piece and really bringing to market a world-class solution.”
Nelson said truRating was in discussions with every major payment provider in Australia who are looking to provide the technology to their merchants.
One organisation already using truRating’s technology is Sydney-based PC-EFTPOS, which provides EFTPOS and online credit verification solutions to 75 per cent of Australia’s retailers.
“There’s a real desire for innovation in this space and true value add through [apps like] truRating. I see us being a key part of the proposition to merchants from a payments perspective.
“I think everyone’s quite wary of payments becoming a commodity. We are luckily on that curve of interest in value added [services],” Nelson said.
Nelson said there’s a need for technology that provides businesses with a way to gain honest feedback from the vast majority of their customers.
“They hear complaints days or weeks after an event. They hear feedback from a tiny percentage and they don’t know whether to act on it, whether it’s a one-off, or whether it’s representative of a problem in their businesses that they need to change. They also have no idea on how those problems impact on how much people spend,” said Nelson.
Businesses can set-up the service for $100 per outlet and then pay a monthly fee of between $25 and $75. This fee depends on the number of ratings questions answered each day.
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