On March 25, Ibtikar Fund announced its newest investment in Receet, a mobile app platform for providing digital receipts in any business transaction where a receipt is needed. Ibtikar's investment will help Receet perfect their product and gain initial traction.
Consumers are not required to turn over their name, email address, or phone number to get a digital receipt. Receet uses Bluetooth and NFC technology to instantly push the digital receipt to consumer’s smartphones.
“Using the Receet app consumers can easily find receipts to make a return, file taxes or complete expense reports by searching for the receipt on their smartphones,” explained Omar Barkawi, Receet’s Founder and CEO, “They can also categorize receipts and will have the ability to upload their receipt data to personal accounting software and business expense tracking software and apps.”
In addition to the great customer experience Receet offers for customers and merchants, Receet solves the significant environmental impact of paper receipts. Paper receipts contain BPA and BPS chemicals that are harmful for workers and customers. Furthermore, in the United States alone, receipts annually account for:
- 10M trees;
- 250M gallons of oil;
- Generate 4B pounds of CO2.
The Receet platform generates a rich digital receipt that allows for unique personalization opportunities. For example, merchants can add a YouTube link on how to assemble the item bought or a pharmacy can add actionable reminders for prescription refills. The digital receipts generated by Receet can be indexed, categorized and easily searched for, all of which is not possible with email receipts.
“We are excited to invest in Receet and help them develop a product that will not only improve the customer experience, but also save money and our environment. We believe now is the perfect time for Receet, as consumers become more conscious of their environmental footprint and seek to make better choices. We also see a lot of opportunity for Receet for the banking industry and big retailers which spend millions of dollars simply printing receipts,” explained Habib Hazzan, Managing General Partner of Ibtikar Fund.