Mobile app platform Receet just got invested by Ibtikar Fund

On March 25, 2019, Ibtikar Fund announced its newest investment in Receet, a mobile app platform that provides digital receipts in any business transaction where a receipt is needed.

The app basically simplifies the process of receipts – consumers are not even required to turn over their name, email address, or phone number to get a digital receipt. Receet uses Bluetooth and NFC technology to instantly push the digital receipt to consumer’s smartphones.

Omar Barkawi, Receet’s Founder and CEO, explains more about the app saying: “Using the Receet app consumers can easily find receipts to make a return, file taxes or complete expense reports by searching for the receipt on their smartphones.”

According to Omar consumers can also categorize receipts and will also have the ability to upload their receipt data to personal accounting software and business expense tracking software and apps.

In addition to the great customer experience Receet offers for customers and merchants, Receet solves the significant environmental impact of paper receipts. Paper receipts contain BPA and BPS chemicals that are harmful for workers and customers.

The Receet platform generates a rich digital receipt that allows for unique personalization opportunities, for example, merchants can add a YouTube link on how to assemble the item bought or a pharmacy can add actionable reminders for prescription refills. The digital receipts generated by Receet can be indexed, categorized and easily searched for, all of which is not possible with email receipts.

Habib Hazzan, Managing General Partner of Ibtikar Fund commented on their investment stating: “We are excited to invest in Receet and help them develop a product that will not only improve the customer experience, but also saves money and our environment. We believe now is the perfect time for Receet, as consumers become more conscious of their environmental footprint and seek to make better choices. We also see a lot of opportunity for Receet for the banking industry and big retailers which spend milions of dollars simply printing receipts.”

Ibtikar’s investment will help Receet perfect their product and gain initial traction.