In short, Swipesum is a team of payments consultants whose services come at absolutely no cost to the receiving business. What truly sets them apart, however, is their AI-powered payments processing statement reading software, called Staitment.
In short, Swipesum is a team of payments consultants whose services come at absolutely no cost to the receiving business. What truly sets them apart, however, is their AI-powered payments processing statement reading software, called Staitment.
In 2016, CEO and COO Michael and Stephen Seaman saw a problem in the payments industry; credit card processing statement analysis could take anywhere between 3 and 21 days, and they needed comparisons instantly if they wanted to compete with other consulting firms. Thus, Staitment was born.
Staitment can read and analyze thousands of different statement formats in seconds and instantly generates cost-comparison proposals, showing the user where they could be saving money when processing cards. The software also identifies volume per card type, rates and fees, and interchange, in addition to giving users a more efficient way of managing their pipeline and keeping their statement analyses in one database. Staitment was released by SwipeSum for public purchase in June 2020, though Swipesum has been using it internally since 2016 to consult over $9 billion in payments volumes.
In May 2020, Swipesum announced that they raised over $1.1 million in a funding round led by several St. Louis investors, which is where the company is headquartered. Investor and VP at Cequel III Investments Matthew Kent stated,
“Michael and Stephen developed a unique and game-changing platform that is proven to unlock significant value for its clients”.
Swipesum plans on using their most recent investment to further development on STAITMENT. To date, they have raised over $2.1 million.
In July 2020, Staitment was nominated for a Benzinga Global Fintech Award for Best New Product. SwipeSum was additionally accepted into INV Fintech’s highly selective global accelerator cohort, gaining access to exceptional mentorship, a robust network of over 50 alumni startups, and deals from INV Fintech’s API partners including Amazon Web Services and Google Cloud. SwipeSum ultimately hopes to use their involvement in the accelerator cohort to introduce Staitment to enterprises and create long standing partnerships.
STAITMENT by SwipeSum is the first software of its kind in the payments industry, and this is just the beginning for the company. For more information on Staitment by SwipeSum, visit www.staitment.com, or speak to a Swipesum consultant for free at any time.
