Sway

Idea

Introduction

We turn phones into payment terminals. This means a business can take digital payments without external card machines, initiating an easy and instant transfer from the consumer’s bank account directly to the merchant’s. We built a digital payment system disconnected from cards.

An estimated £48B is spent per year on card fees in Europe alone, and small businesses are the most affected by it, paying 2-4% per transaction. We exist to disrupt this model and provide a simple, easy and affordable alternative to cards or cash.

Open Banking regulation (PSD2) opened the door to innovation in the payment sector, plus card fees keep increasing.

Research by Juniper Research says Open Banking payments will reach €102bn/year by 2026, a 2,800% increase over the next five years.

Substantial accomplishments to date

We grew our monthly Gross Payment Volume (GPV) from £0 to £100,000 in less than a year of launch (May-September 2022)*.

The interest in our product has seen near-consistent growth since launch, with transactions growing by 48% from Feb-March 2023*.

Some key points to date:

— Over 7,500 payments made using Sway since our launch

— More than £650k in payments processed through our platform*

— +260 small businesses have used Sway to accept at least one payment, including taxi drivers, health clinics, hairdressers, furniture stores, etc

— 72 recurring customers (& growing) on the Sway payment plans

— +4,600 consumers have used our new payment method to pay for products/services

*Based on unaudited management accounts

Monetisation strategy

Transactions are a basic need of every business and as such should remain free. We charge for the value created on top of payments. Below is a breakdown of our available plans.

Use of proceeds

We'll be spending our money on three main things: Marketing, product and operations/hiring.