Snapcart is a cashback app that incentivises people to take photos of their receipts using a smartphone in exchange for rewards. Participating retailers can offer cashback on certain products or services for app users, and this balance can then be cashed and transferred to the account of the user.
How they’re disrupting
In return brands get fresh insight into their customers buying habits. Information from receipts is piped back into Snapcart’s cloud-based data platform where it is compiled and used to provide clients with reports and information about offline consumer spending and shopping habits, data which is inherently difficult to source. The app uses artificial intelligence to pull product information directly from the receipt unlike some of its competitors, which require users to photograph individual product barcodes.
Over 100 million Indonesian’s now have a smart phone, providing potential insight into a huge market in this country alone.
Investments and future
Snapcart received $1.68 million in seed funding just four months after it’s launch, led by Wavemaker Partners and SPH Media Fund. The startup are now exploring overseas expansion options in SE Asia, a region of more than 600 million people.