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A new partnership between fintechs DiviPay and Slyp will allow businesses to automatically capture tax-compliant receipt information in real-time without paper waste, using technology backed by and built in collaboration with Australia’s big four banks.
The two Sydney-based startups - virtual corporate cards and expense management platform DiviPay and smart receipts developer Slyp -.will integrate their technologies to launch automated in-app smart receipts for businesses.
Founded by former PayPal Australia employees Paul Weingrath and Spiro Rokos as well as ANZ (ASX: ANZ) group data officer Mark Boyd, Slyp has developed technology that integrates directly with point-of-sale systems to capture receipt information in real-time and deliver smart receipts directly to customers’ phones.
DiviPay meanwhile was founded in 2017 by former Westpac innovation team members Daniel Kniaz and Russell Martin and operates an all-in-one corporate card and expense management platform, allowing businesses to instantly issue employees smart corporate cards for in-store and online purchases.
Under the partnership, DiviPay users will instantly receive smart receipts when paying at a Slyp-enabled merchant, which will also be automatically allocated to the business’ expense report and populated into connected accounting systems like Xero, MYOB and Quickbooks.
This development is a major improvement to DiviPay’s current system which prompts users to manually photograph and upload receipts to their expense management platform after making a purchase.
According to DiviPay, this old way of operating meant around 30 per cent of receipts were not uploaded.
With DiviPay customers having made 185,000 in-store transactions in the past 12 months, co-founder and CEO Kniaz said the startup saw a gap that needed to be filled.
“Up until now, there has been no expense management platform in Australia that allowed businesses to automate receipts from the point-of-sale into an app,” Kniaz said.
“Time-consuming uploading of receipts is a common pain point for our customers and we wanted to address the issue quickly, so we could continue to grow and scale DiviPay.
“Our integration with Slyp is a game-changer for business owners, finance teams, accountants and bookkeepers, who will no longer need to chase receipts from employees or spend hours manually calculating GST figures and populating expense reports with transaction information.”
Co-founder and CEO of Slyp Weingarth said the startup was “thrilled” to partner with DiviPay.
“The Australian fintech ecosystem is thriving and partnerships like this one are helping customers – both business and consumers – benefit from Australian innovation,” Weingarth said.
“We look forward to continuing to work together to evolve our offering and bring even more smart technology to the market in the future.”
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