Samsung invests in Skipify to accelerate its next-gen digital wallet

Samsung invests in Skipify to accelerate its next-gen digital wallet

Published: 24-10-2023 10:01:00 | By: Pie Kamau | hits: 1883 | Tags:

Fintech company, Skipify, has announced a strategic investment from Samsung Next, an investment group within Samsung Electronics. The investment signals Skipify's commitment to continue improving shopper purchasing experiences both online and in-stores. Skipify's Connected Wallet is a next-gen digital wallet that connects Merchants, Shoppers, and Financial Institutions at the moment of purchase for the first time. Skipify's Connected Wallet is linked with the world's largest financial institutions such as American Express.

Samsung Next joins major financial institutions and technology companies that have backed Skipify and linked their cards and accounts into Skipify's Connected Wallet. Skipify's strategic investors include Amex Ventures, PayPal Ventures, Synchrony Ventures, among others.

Carlos Castellanos, Investor, Samsung Next: "We invested in Skipify because of the potential this seamless and native checkout experience could bring to Samsung users and beyond. We're excited to join them on this journey, as they embrace the challenge of defining new opportunities and aim to shape the future of shopping experiences."

Ryth Martin, Founder and CEO, Skipify: "As the global leader in mobile devices, we're excited by what this investment from Samsung Next could unlock for our merchant and bank partners, as we expand our reach and extend into in-store physical payments." 

By partnering with financial institutions and technology partners, Skipify creates a real time nexus between shoppers, merchants, and financial institutions for the first time, with first-to-market unique advantages to participants in the ecosystem.

Through Skipify, merchants can see conversion rates increase by 10% and industry-leading 99%+ authorization rates with no increase to fraud. Merchants maintain their relationship with shoppers, order and shopping data, and develop better purchasing experiences that elevates their brand.

By partnering with Skipify, financial institutions unlock new ways to interact with their cardmembers, enabling them to surface cards, points, alternative payments methods, and more into checkout in real time. Financial institutions can include real-time step-up authentication, which enables industry-leading authorization rates and increased share of wallet.

Shoppers gain seamless access to their payment cards and can apply points and rewards to pay down their basket.