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Pioneering Pay Upfront Get Cashback (PUGC) for SMEs in Southeast Asia

Key Milestones

2019: Founded and Swapie platform MVP launched

2020: Awarded StartupSG Founder Grant by Singapore Government

2021: Added new features to become a digital SME Concierge for cost-saving and digitalization efforts

2021: spun off from Swapie during Covid-19

2022: Merged into Growth Innovations Group

Venture Profile

Swapie was founded in 2019 as a fintech platform to level the cashback-rebates-miles playing field for consumers. The challenge lies in there being people with underutilized payment facilities that are potentially rewarding, and that there are payments being made for which financial institutions are not paying out rebates (e.g. cash transfer or PayNow).

As such, the company launched a “pay-upfront, get-cashback” (PUGC) platform targted at SMEs and micro-businesses. An SME settles an online invoice in full using cash/PayNow, and gets a 1%~5% rebate on-the-spot.

This is done by connecting the SME to our cashback-hungry users on the other side of the platform, who are told to use a card that gives 2% to 8% back for that purchase. We simply share it with the SME.

Swapie has been incubated by Action Community for Entrepreneurship (ACE), Mbanq, NUS Enterprise, Alibaba Cloud, and the Singapore University of Social Sciences (SUSS). Swapie has also been awarded StartupSG Founder grant at a quantum of S$30,000, and was also placed 3rd in the annual Alibaba Cloud-SUSS Entrepreneurship Programme Pitch in 2020.

During the Covid-19 pandemic in Singapore in 2020, Swapie diverted its platform-building and cashback optimization capabilities to encourage Singaporeans to donate for charity in rewarding ways. This initiative has led to the spin-off of in early 2021.

Venture Status

The economic recovery post-Covid-19 did not translate into one in which Swapie’s business model could be sustainable. As such, as of July 2022, Swapie’s platform services have been suspended and early customers can tap on GIG’s corporate financial consulting services at no additional cost.

Growth Innovations Pte Ltd
7 Temasek Boulevard, #12-07, Singapore 038987