In some really big news coming out of Providence this afternoon, Swipely, the payment system/analytics and marketing tools company, announced that in its first year it is managing over $1 billion in annual sales from merchants in twenty-nine states.
The company, founded by Angus Davis, has had quite a busy and successful first year. Swipely raised over $20.5 million in funding, including a $12M Series B round in May that included Shasta Ventures, First Round Capital, Greylock Partners and Index Ventures. Moreover, they were selected as one of Forbes "100 Most Promising Companies," named one of the best places to work in Rhode Island, and were listed as one of Boston.com's "Fastest Growing Boston Companies."
"Fastest Growing Companies?" That is actually an understatement. Swipely's growth in year one has been light-speed.
And, what's more, they continue to release new product offerings to make the Swipely platform even better. In addition to the news that they surpassed $1B in managed sales, they also unveiled the Swipely Partner Networkwhich helps small businesses grow with the help of experts from the worlds of finance, operations, IT, and human resources.
As the press release announcing the news explained, "The Swipely Partner Network is a channel partner program that enables companies serving business owners to differentiate technology offerings, increase revenue, reduce churn, and take advantage of the latest marketing and sales tools."
"More than 50 companies have already joined the Swipely Partner Network, including value-added resellers, independent software vendors, marketing consultants, and professional service providers, among others."
As CEO Davis said in the press release, "Swipely turns the big data behind payments into actionable insights that local merchants value to understand customers and increase sales, without any new costs.”
"From this foundation, we’re growing our product into an operating system for local commerce that extends our market-leading payments and analytics service into valuable additional tools that help small businesses win," he added.
Swipely has had astounding growth in it first year, including, doubling its sales under management in the last four months, expanding its platform support to more than a hundred POS systems, and a compounded quarterly growth rate that has averaged 100% over the last four quarters.
Furthermore, the company still has room to grow as it continues to make an impact for small businesses of all types. As this great New England success story continues to amaze, its crazy to imagine how much further Swipely can grow in year two.
Dennis Keohane is a staff writer for VentureFizz. You can follow Dennis on Twitter (@DBKeohane) by clicking here.