Vow Currency Acquires UK Rewards App, Swipii
St. Helier, Jersey--(Newsfile Corp. - March 23, 2022) - In keeping with its strategic vision, Vow Currency follows up its recent stake in UK Reward Tech Enigmatic Smile Ltd, by acquiring the assets of UK-based card-linked-loyalty app Swipii.
Vow Currency Acquires Swipii
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Swipii had gathered significant traction in the UK market, signing up 1m UK customers to its various services over the years. Despite its impressive user numbers and over five million pounds of investment, it fell into difficult times during the pandemic and could not recover.
"Companies operating in the loyalty industry are finding it increasingly difficult to meet the needs of consumers, retailers and publishers whilst also operating a profitable business."
"A brand-new model is required. We believe that this model is a blockchain-based solution represented by Vow and that this model will disrupt this space in an unprecedented manner," said Bish Smeir, CEO of Vow Currency.
He added, "Our team has worked in payment-linked-technology since the very beginning. We've seen first-hand how difficult it is to make a business based on the probabilities of transactions occurring work for all stakeholders."
The Swipii brand now joins a growing portfolio of investments in the technology, retail and loyalty space for Vow, the Jersey-based crypto issuer, with many more to be announced in due course.
Swipii users, merchants and even investors will all be invited to participate in the new Swipii product going forward, with clear benefits that only Vow can provide. "To all Swipii users who had earned cashback and thought they had lost it, we will be picking up the tab," said John Cohen, Director of Enigmatic Smile.
All Swipii merchants who had signed up loyal customers will be contacted by Vow currency too. Vow provides a brand new cashback model where users are never invoiced for the costs of running a reward programme.
"It is great to see the Swipii brand being taken forward and we wish the team every success in the future," Donald McNaught, the firm responsible for negotiating the deal, commented.
Vow Currency is pursuing its strategy of expansion through acquisitions, investments or partnerships with companies in the loyalty space. The loyalty industry was specifically chosen as the first vertical of attack for Vow Currency as its model specifically enables merchants to become issuers and acceptors of Vow currencies within the ecosystem.
Loyalty and cashback companies which adopt Vow gain access to white label apps, its APIs and SDKs, a persuasive commercial model they can sell to their existing portfolio of businesses, and the ability to increase their own profitability substantially.
Growth hacking large merchant and consumer portfolios is the core focus of the project at this moment and it has demonstrated the viability of the model with a spate of deals to date. Stay tuned for more announcements on the Company's website https://www.vowcurrency.com.
Visit https://www.vowcurrency.com to read about the release date for the new Swipii app.
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