Finovate Global Finland: Building a Strong Data Economy with ReceiptHero’s Chris Moore

Helsinki, Finland-based ReceiptHero is on a mission to make meaningful interactions from every day transactions. The company’s platform combines digital receipts with loyalty programs and benefits to give merchants new ways to engage with their customers. Consumers benefit from an integrated solution that relieves the burden of paper and email receipts, as well as the hassle multiple loyalty cards and apps.

We caught up with Chris Moore, Chief Operating Officer with ReceiptHero, to talk about how far the company has come since its Finovate debut in 2020, and the role ReceiptHero plays in the emerging data economy. We also talked about the company’s recently announced partnership with Ingenico.

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You made your Finovate debut at FinovateEurope 2020 in Berlin, Germany. What was that experience like? 

Chris Moore: Wow, that feels like a decade ago! Back then we were a very small team and had just released our Nordea bank integration. We had also started to systematically onboard our first batch of Finnish merchants to the platform. The feedback we got from the demo was fantastic; it really felt like we were solving a global problem and not just something we had been talking about here in Finland.  You could argue pitching at FinovateEurope was the catalyst to where we are today. 

Later that year you secured two million dollars in seed funding. What did that investment say about your company at the time and how did you put the capital to work? 

Moore: The seed funding also solidified we were fighting a problem big enough. We picked some great Nordic investors and they’ve provided more than just capital since the investment. Essentially, the funding was to grow the platform and increase our sales efforts in the Nordics, but also to (expand) into other markets, such as Switzerland and the U.K. and put capital towards our POS integrations which are a key part of getting the receipt data flowing from the retailers.  

Last fall ReceiptHero partnered with Mastercard and Visa. How did these partnerships come about and what was accomplished through them? 

Moore: These partnerships came quicker than we expected. To partner with both Visa and Mastercard at the seed stage was a huge milestone for us. But we also knew that tackling the digital receipt problem would only happen if we had global partners such as the two major card schemes. The partnership with both Visa and Mastercard allows us to move into new markets in Europe with less dependence on local payment providers and therefore fewer integrations before being able to launch our solution. So it was a really big win with regards to scaling the platform and providing confidence at the highest level to support our objective of removing paper receipts as the main method of proof of purchase. I don’t think these partnerships would of been possible without our great development team building out a PCI DSS compliant platform, emphasizing our commitment to safeguarding cardholder data and providing the best possible receipt platform on the market today.

Speaking of Visa, you’ve recently strengthened your relationship with the company. How so? 

Moore: Visa has seen increased client requests and interest in digital receipting over the last 18 months and, for a while, they have been trying to find a European partner who can enable such a solution. Building on the technical partnership from 2021, this new agreement puts us in the shop window as an approved partner for Visa’s clients and partners. We are already seeing the benefits of being involved in Visa’s Fintech Partner Connect program and we hope we can announce something soon off the back of this strengthened relationship.

You have talked about the idea of the data economy. In what way is ReceiptHero a part of this data economy – and what role does it play within it?   

Moore: We are surrounded by data in our daily lives, most of it is unstructured and in hard to reach places. Receipts printed on paper are just that: unstructured and, as a customer, it’s hard to apply that purchase data to good use. Part of my opening remarks at FinovateEurope was that we are showered by amazing digital payment innovations and sadly the post purchase experience has mainly been left to stay in the analog world. Purchase data is core to building a strong data economy, as this data has so far been siloed and in a format that is hard to receive in real-time. It’s not really been leveraged or valued as it should be. ReceiptHero is breaking down those silos and enabling a world where a consumer can have this data instantly in their banking app or in an approved service where the data is used to better the customer experience. 

Part of our unique role in fighting for digital, structured receipts is that we have a fiduciary duty to the data that flows through our platform to use it in a way that benefits all ecosystem stakeholders. We have no ulterior motive here; we are not a bank, a large retailer nor the cash register or payment provider enabling the sale. This allows us to act with the best interest of all stakeholders and help everyone to better utilize this new found digital data for the cardholder and the merchant. 

ReceiptHero also plays a role in the trend toward sustainability and responsible consumption. How important has this been to you and to your customers? 

Moore: For large retailers that print hundreds of thousands of receipts a day, what happens when you turn off all the receipt printers in your stores nationwide and only send customer receipts via digital channels? What are the impacts to your business from a cost perspective – but also the environmental repercussions? Simply put, less trees get turned into wood and then into paper, which then would have found their short existence as thermal receipts that sadly cannot be recycled due to the harmful chemicals on the paper. Take that scenario and then multiply it across thousands of retailers right across Europe (and, at some point, globally). That becomes a significant change in our fight for sustainability and better digital experiences.  

What can you tell us about the fintech industry in Finland that those outside of the country – and the region – might be surprised to hear? 

Moore: Well, I have personally been in Finland for 10 years now and I’ve seen the fintech space grow year over year. Sweden has always been a few steps ahead with regard to fintech unicorns, but Finland has now quickly caught up. We have a great ecosystem here where banks seek to innovate and look for fintechs to speed up those embedded features. Now we have unicorn successes such as Enfuce and AlphaSense in Europe. I also think the VC space is heating up with regards to fintech funding, with lots of appetite for investments in young ambitious fintech companies. 

You introduced a loyalty rewards solution this summer. Why this move now – and how has the early reception to the new feature been?   

Moore: Distributing digital receipts in real-time is the very foundation of what can be built with this data. What we wanted to prove is what happens in adjacent segments when you get this data and wrap a lightweight loyalty solution around it.  We’ve started to onboard our SME merchants onto the rewards program, and so far it looks like we’re able to provide even more value to the merchant and the cardholder. For larger retailers where they might already use a loyalty platform, we can enable real-time card-linked receipt data to give them better visibility over repeat spend, lifetime loyalty, and average basket size. 

You’ve also announced that you will be joining Ingenico’s new PPaaS platform. What can you tell us about this partnership?

Moore: We’ve announced this week that we’ve signed a partnership with Ingenico, one of the world’s largest payment terminal providers and now part of the Worldline group. PPaaS is Ingenico’s new payment platform that enables a “one-to-many” integration for us, so we can enable our digital receipt solution for thousands of acquirers, another partnership that supports us to scale across Europe. What’s exciting about this partnership is that we can onboard cardholders from the payment terminal, allowing another entry point to receive digital receipts for customers. 

What else can we expect to hear from ReceiptHero over the balance of 2022 and into 2023? 

Moore: Well, we’ve got some important retailers coming to the platform over the next six months so we’re really excited to announce those in due course. These are retailers that operate across multiple markets and more signs of us expanding further into Europe. There will be some bank partnership news too, but I wont give anymore away on that just yet!

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Photo by Paul Theodor Oja