TORONTO, March 13, 2019 (GLOBE NEWSWIRE) — Snipp Interactive Inc. (“Snipp” or the “Company”) (TSX-V: SPN; OTCPK: SNIPF), a global provider of digital marketing promotions, rebates and loyalty solutions, today announced that the Company has received US$500,000 in conjunction with a Software Sale agreement with a European credit card provider (the “Customer”). The Customer is a successful issuer of international credit cards and prepaid cards, as well as a leading expert in customer loyalty, with over 50 years of experience in the space and an established customer base in the commerce, service and travel sectors.
Snipp had signed a five-year worldwide loyalty agreement with the Customer in 2017 with the objective of having one loyalty platform for all the Customer’s internal and external loyalty activities. The agreement commenced with loyalty programs for two retailers, leveraging Snipp’s capabilities to develop and maintain a real time multi-channel loyalty platform, including gift-card management with bonus and payment functionality as well as integration of several third-party systems.
The funds will be used to support investments in sales and marketing and other general operating expenses.
“We are pleased to have completed this first payment round and we look forward to additional receipt of approximately US$1MM as part of the closing,” said Atul Sabharwal, the CEO of the Company. “We kicked off 2019 with the fastest start in our company history and are excited to continue this momentum as we near the end of the quarter. These funds will help towards achieving our 2019 goals of reaching sustainable growth and profitability; and help boost investment in our sales and marketing teams.”