Swiipr

Swiipr Technologies Ltd, a London-based paytech firm, was established in 2019 to address inefficiencies in airline disruption payments. The concept originated from co-founder Tara Spielhagen's personal experience of being stranded by a cancelled flight. She, along with co-founder Ian Clowes, identified an opportunity to modernize the compensation process. Spielhagen, now CEO, has a background that includes extensive travel from a young age and early career experience assisting stranded airline passengers, which eventually led her through banking and mobile payments before returning to the travel sector. Clowes, the Chairman, is a serial fintech entrepreneur with over 25 years of experience in financial services and payments, having founded a digital banking platform and launched the UK's first Visa prepaid card.

The company targets the airline industry, providing a digital platform to manage compensation for passengers affected by flight disruptions such as delays, cancellations, and lost luggage. This market is substantial, with estimates of over 500 million passengers globally affected by disruptions annually, costing airlines billions. Swiipr's business model focuses on digitizing these payouts, which can enhance passenger experience and generate cost efficiencies for airlines of up to 60%. The company's platform is currently used by 26 airlines in 70 countries.

Swiipr's core offering is an integrated digital platform that replaces traditional compensation methods like paper vouchers, cash, and slow bank transfers. It features both physical and virtual prepaid Mastercard-compatible cards, a mobile app, and has launched a sustainable 'eco card'. The platform offers several products, including the 'Swiipr Welfare Card' for instant food and beverage payments during delays, and the 'Swiipr Compensation Card' for larger payouts related to denied boarding or lost luggage. Passengers receive funds instantly and can use the cards at any retailer accepting Mastercard, both inside and outside airports. The associated mobile app allows users to access funds and check balances. For airlines, the system helps reduce fraud, cuts processing times, and integrates with their CRM systems to provide data insights. The platform also supports operational payments for airline staff and crew.

A significant milestone was achieved in May 2024, when Swiipr secured £6 million (approximately $7.65M) in a Series A funding round led by Octopus Ventures, with participation from TX Ventures and Solano Partners. This capital is intended to fund further research and development, AI and data analytics capabilities, and to accelerate international expansion.

Keywords: airline compensation, passenger rights, travel payments, fintech, disruption payments, digital payouts, prepaid compensation cards, virtual cards, travel technology, airline operations, passenger experience, flight delays, lost luggage, mobile payments, corporate payments, paytech, airline customer service, expense management, crisis payments, sustainable payment solutions