Slyp says it still has the banks’ backing despite its technology only working in NAB’s app, it has joined other well-backed start-ups and cut a big chunk of staff.
Some of the big banks have recently reconsidered their venture capital strategies.Slyp, a digital receipt start-up that was the first to be backed by all four of Australia’s major banks, has made 30 per cent of its staff redundant, a deep cut that comes later than many of its peers in the tech secor.for investing in start-ups, quarrelled with their venture capital arms or lost seasoned staff, but Slyp co-founder Paul Weingarth said they remained committed to his company.
Slyp’s software automatically generates digital receipts within a customer’s banking app or via SMS, stopping shoppers from losing a record of their purchase and capturing valuable financial data., but it has so far failed to crack the majority of the local retail sector.in February 2022 that Slyp hoped to have half the adult Australian population access Slyp through their banking apps.
Mr Weingarth confirmed the redundancies, which happened in May but have not been reported until now, affected 15 people. “As we said to those impacted on the day, this was not a reflection on individual performances, but rather an unfortunate consequence of the market challenges and business restructure we needed to undertake.”