The FinTech Report Podcast: Episode 21: Interview with Paul Weingarth, Slyp

The FinTech Report Podcast: Episode 21: Interview with Paul Weingarth, Slyp

‘Obsessive Customer Disorder’ leads Slyp to digitise receipts and loyalty for Australia’s Big Four Banks


Listen to the interview here:


The FinTech Report Podcast: Interview with: Paul Weingarth, Co-Founder of Slyp

Prior to co-founding Slyp, Paul worked for the Commonwealth Bank, Microsoft and PayPal.  Paul’s now on a mission – he wants to end paper receipts and plastic loyalty cards; how is it that in 2022 we tap our phone or card or watch to make a payment in-store, then we are handed a chemically coated non-recyclable piece of paper to keep a record of the purchase. 20,000KM of paper receipts are printed every day in Australia. Imagine what the global total is?

Key points in the conversation:

  • Contactless payments is only half finished; Slyp wants to end paper receipts – the ‘last mile’ of the payment process
  • Paul and the other Co-Founders are obsessed with the customer – Paul calls this ‘OCD – Obsessive Customer Disorder’
  • Nothing good comes from paper receipts
  • Paul’s PayPal experience helped him understand the payments process
  • The Slyp Smart Receipt has been built on ‘pipes’ that haven’t been connected before
  • Slyp integrates directly into the POS terminal (Point of Sale); merchant side
  • Plus Slyp has built pipes into the banks, so connecting/matching transaction to receipt in a few seconds
  • Everything is standardised – so Slyp is the one provider that offers a standard experience for all banks (Apps) and all Merchants
  • Often standardisation & collaboration happens because of regulation (eg EFTPOS, NPP, Open Banking); but Slyp wasn’t driven by regulation – it’s driven by Slyp.
  • Slyp receipt is inside the customer’s banking app; receipt is displayed inside the banking App. Completely frictionless for the customer. Fully tax compliant tax receipt.
  • For Slyp, the receipt is just the start – the customers digital data is available to the Merchant; so the Merchant now has the possibility of starting an ongoing relationship with the customer; eg loyalty, tailoring offers.
  • Who owns the data? – all parties to the process; Slyp, the Merchant, and the bank, all retain their component parts to the data, and Slyp wants to provide the insights for all parties – Paul uses the term “Data for Delight” – Paul says Slyp is the “Switzerland of the system”
  • NAB now, the other three banks in the next 12-18 months
  • Slyp Smart Receipts will always be free. Business model is a SaaS model for the banks, and Freemium service for the merchants; they can take up additional services if they want.
  • Australia is a great place to start a fintech. Australian consumers who love using new technology, and adopt new technology very fast, especially mobile and payments.
  • The fintech and banking eco-system is a leader in contactless payments. Concentration in banking of the four majors (NAB, CBA, Westpac, ANZ), plus two large / dominant merchants/supermarket chains (Coles, Woolworths), plus only two card providers (Mastercard, Visa) means it was easier for Slyp to create a standardised product. Paul says this set-up is ‘the perfect storm”
  • Funding: Slyp has received investment from all four of Australia’s big banks: NAB, ANZ, CBA and Westpac – the first time ever in Australian fintech.
  • Customer validation in the early stages was key – according to Paul: “the loudest voice is always the customer’s voice!” The customer feedback sessions were great for Slyp; the feedback from customers in the trials & Net Promoter Score was higher than Apple Pay.
  • NAB Ventures was first investor – Slyp went via NAB Labs to prove the prototype. NAB Ventures and Todd Forrest were a significant help in introducing Slyp to ANZ, Westpac/Reinventure and CBA.
  • Building the team: Slyp is a mission led fintech, and Paul says he’ll only hire ‘missionaries not mercenaries’ – he says Slyp needs people who are ‘irrationally passionate’ – just like Steve Jobs’ comment that it’s “the crazy ones” who make a difference
  • Paul discusses the Divipay partnership; using corporate cards that integrate Slyp’s Smart Receipt that go into accounting packages – expense management made easy.
  • Message to all founders and all fintechs from Paul: one of Slyp’s core values is “Relish the Journey” – a great message to all entrepreneurs!