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ARM Innovation Hub
11 March, 2018 - 00:56 By Jamie Quested

Norwich startup drives cashless revolution

Norwich-based startup, Thyngs, had secured £300,000 in seed funding on equity crowdfunding platform Crowdcube with a week to go to the deadline

The money is designed to help further develop its mobile technology that transforms any physical object into an instant point of sale. The company’s app-free approach and three-tap payment proposition has attracted over 280 investors on the popular crowdfunding service, including the founder of Tossed, the first hospitality business in Europe to go completely cashless, founders of leading experience design agency Foolproof, and a telecoms industry veteran who was Microsoft’s first European MD.

Retailers and brands can add the company’s technology to any physical object, allowing consumers to make mobile purchases without having to download an app, which causes a significant roadblock in the payment journey. 

The Thyngs technology alleviates this pain-point and is set to transform the way in which consumers purchase items, marking an important step forward in the cashless revolution. 

Retailers are also poised to benefit as they will be able to sell any item without the need for costly payment terminals. By harnessing the technology in today’s smartphones the platform can also be transformational for brands, driving mobile engagement and sales directly from marketing materials.

CEO and founder of Thyngs, Dr Neil Garner said: “The funds raised will enable us to accelerate our growth and take advantage of the massive opportunity in the global market for mobile proximity payments.” 

Norwich-based startup, Thyngs, had secured £300,000 in seed funding on equity crowdfunding platform Crowdcube with a week to go to the deadline.

The money is designed to help further develop its mobile technology that transforms any physical object into an instant point of sale. The company’s app-free approach and three-tap payment proposition has attracted over 280 investors on the popular crowdfunding service, including the founder of Tossed, the first hospitality business in Europe to go completely cashless, founders of leading experience design agency Foolproof, and a telecoms industry veteran who was Microsoft’s first European MD.

Retailers and brands can add the company’s technology to any physical object, allowing consumers to make mobile purchases without having to download an app, which causes a significant roadblock in the payment journey. 

The Thyngs technology alleviates this pain-point and is set to transform the way in which consumers purchase items, marking an important step forward in the cashless revolution. 

Retailers are also poised to benefit as they will be able to sell any item without the need for costly payment terminals. By harnessing the technology in today’s smartphones the platform can also be transformational for brands, driving mobile engagement and sales directly from marketing materials.

CEO and founder of Thyngs, Dr Neil Garner said: “The funds raised will enable us to accelerate our growth and take advantage of the massive opportunity in the global market for mobile proximity payments.” 

* PHOTOGRAPH SHOWS: Dr Neil Garner

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