Contextual Commerce Platform Omnyway Raises $12.75 Million in Series A

In a round led by Nyca, CommerzVentures, and CEFIF, augmented digital commerce platform Omnyway has raised $12.75 million in new funding. The Series A will give Omnyway (formerly Omnypay) the ability to launch new services, expand operations, and add to its customer base both in the U.S. and around the globe.

“To keep up in this fast-moving, mobile-first (and soon, mobile-only) world, retailers need tools that speak to how people want to shop and engage today,” Omnyway CEO Ashok Narasimhan said. He added that the funding would enable the company to “continue innovating on today’s fundamentally different retail experience.”

This retail experience involves putting mobile at the center of the shopping experience. The company’s platform helps retailers leverage in-store, online, and in-app interaction channels, as well as virtual aisles and dynamic media to engage customers in a dynamic, digital, and thoroughly omni-channel way. Available as a white-label solution, the technology integrates readily with both legacy back-end systems and existing mobile apps, and has been used by retailers like Kohls to add payment functionality to their apps.

Amitaabh Malhotra, Chief Marketing Officer for Omnyway, demonstrating the Zapbuy plugin for banking apps at FinovateFall 2017.

More recently the company has earned recognition for its Zapbuy service, which the company demonstrated during its debut at FinovateFall last month. Zapbuy enables shoppers to purchase items directly from an advertisement simply by clicking on the ad itself. “Zapbuy utilizes the latest in contextualization, personalization, and frictionless checkout techniques to offer an uplift in ROI from advertising budgets while also maximizing revenue,” Omnyway CMO Amitaabh Malhotra explained from the Finovate stage.

Malhotra showed how the platform guided the shopper from a digital ad they had clicked on to a pop-up window that featured credentialed payment options featured such as a bank as well as a QR code. After making their payment selection, the shopper simply locates and chooses the “Zapbuy” option, which opens up the camera on the shopper’s mobile phone so they can photograph the item’s QR code. A confirmation page provides the shopper with all the information about the transaction – including applied rewards or discounts, points earned, shipping address, etc. –  before they make the final purchase.

“We are allowing financial institutions to participate in a new revenue stream which is associated with affiliate revenue and advertising revenue that otherwise would not have been available,” Malhotra said. “Secondly we are also making their credentials top of wallet for that particular user. So every time they come back to that particular type of ad or interface, they are able to make the purchase again using the same credential and any other financial benefits you want to offer them.”

Founded in 2014, Omnyway is headquartered in San Francisco, California.

Finovate Alumni News

On Finovate.com

  • National Bank of Canada Joins SecureKey’s Digital Identity Network.
  • P2Binvestor Launches Bank Partnership Program.
  • doxo Surpasses 30,000 Payable Billers on its Platform
  • Contextual Commerce Platform Omnyway Raises $12.75 Million in Series A.

Around the web

  • ConnectOne Bank ($4.7 billion in assets) to deploy nCino’s Bank Operating System.
  • ACI Worldwide partners with European clearing and settlement firm, STET, to bring real-time payment solution to PSPs.
  • FICO reports increased accuracy of its Enterprise Security Score when it comes to predicting data breaches.
  • Finastra moves its payments solution to the cloud via Microsoft Azure.
  • Trusted Knight partners with eTECH Channel.
  • CloudTrade and Taulia partner to enable businesses to transition to paperless invoicing.
  • iSignThis’ ISXPay initiates further Australian card acquiring/processing contracts.
  • BancPass announces license agreement with mobile tolling provider PayTollo.
  • EFL a finalist in the 2017 MIT Inclusive Innovation Challenge.
  • Datanami article on bot technology features insights from Narrative Science CEO Stuart Frankel.
  • MoneyMarketing highlights SpyCloud in a look at the safety of life and pensions company data.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.