After securing $16.5 million in Series A funding, UK fintech TruRating is working to expand its presence in Australia’s thriving fintech community.
UK fintech ratings provider TruRating has secured $16.5 million in Series A funding. The funding was led by Sandaire and brings the company’s total amount of investor led funding to $23.85 million.
The latest round of funding will be used to develop new technology and drive expansion into global markets.
The announcement comes as TruRating works to expand its presence in Australia following its Aussie launch in February. Since launch, the company has gathered of 250,000 ratings from businesses across Australia.
TruRating founder and CEO Georgina Nelson has identified Australia as a key focus of the company’s expansion strategy.
TruRating is currently live in the UK and Australia, with North America to come online later in the year. The company provides a simple way for retailers to gather customer ratings via payment terminals. Using a business’s EFTPOS machine, truRating presents customers with a single feedback question, asking them to anonymously rate an aspect of their experience using a scale of 0-9 on the keypad.
According to Sophie Jillings, head of APAC at TruRating, the Australian fintech community is starting to thrive.
“It’s the perfect time for fintech start-ups because there is true interest from consumers and merchants who are looking for streamlined ways to solve their problems, and with recent government focus and investment in this area, there is also real scope to convert these ideas into realities,” Jillings told Power Retail.
“TruRating is able to capture responses from the majority of a business’ customers and not only provide validated and representative and real-time feedback, but also link customer sentiment to spend.
“This is the golden goose for retailers — they can quickly identify how much their happier customers are spending and, more importantly, how much more they could make if they focused on the right areas to improve the experience of their disappointed ones.
“The needs of consumers at the time of payment are evolving; PayPass is now prolific in Australia, mobile payments are on the rise and customers are starting to expect services like automatic split bill payment,” she said.
“Around the world the payment machine has been transitioning for some time; other countries use this as a way of donating to charity, automatic reclaim of GST (or VAT) for overseas visitors, or for pure advertising space. With the rise of the smart payment terminal as a facilitator — eftpos machines that are colour, touch screen and often larger, plus have inbuilt other functionalities such as high definition cameras and large memory storage — the scope for beyond-payment functionality is thriving.
“Here in Australia, CBA’s Albert terminal is a great example of how our financial institutions are getting on board with the evolving payments landscape, and is also a good embodiment of the TruRating cornerstone concept — that payment terminals can be about more than just collecting money, with its capacity for multiple applications running in-store,” Jillings said.
TruRating is looking to eventually make its rating data available to customers, via an online ratings engine, allowing users to compare ratings and make informed choices about where to shop and eat, in a competitive move to enter and lead the online ratings space, which includes players such as TripAdvisor and Yelp!.