Omnyway raises $12.75M to connect advertising and mobile commerce


Omnyway introduced right now that it has raised $12.75 million in Series A funding.

Previously often called OmnyPay, Omnyway has constructed know-how round what it calls “augmented digital commerce” — mainly, serving to retailers keep related to customers by their cell phone throughout the in-store procuring course of. That contains loyalty applications, coupons and what CEO Ashok Narasimhan described as a “seamless” cell fee course of at checkout.

This can all be built-in right into a retailer’s current app. The know-how can also be powering Kohl’s Pay, the cell funds and loyalty program that the division retailer chain launched final yr.

Narasimhan instructed me that the funding will assist the corporate develop its new Zapbuy product, the place customers can scan an advert (which might be proven on TV or printed in — mainly, wherever you possibly can show a QR code), then purchase the product with a single click on or faucet.

Narasimhan argued that this might be “pretty revolutionary” for advertisers, as a result of it would give them a a lot better return on funding for his or her campaigns. And whereas Zapbuy might enchantment to the retailers that Omnyway is already working with, he mentioned it would additionally enable the corporate to develop to new clients — “anyone who does advertising, not just retailers.”

In addition, the funding is meant to assist Omnyway develop globally. It definitely comes from a world group of buyers, with the spherical led by Nyca, CommerzVentures (the enterprise arm of Germany’s Commerzbank Group) and the CreditEase Fintech Investment Fund (a part of China’s CreditEase). Commerce Ventures and Industry Ventures additionally participated.

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