PayPal Among Investors in Frictionless Checkout Firm Skipify

Startup Funding

Frictionless commerce firm Skipify announced a strategic investment round Thursday (Feb. 24) with investors that include PayPal Ventures, Synchrony, Amex Ventures and Okta Ventures.

Based in San Mateo, California, Skipify lets merchants offer instant checkouts on their websites, apps and marketing channels.

“The shift in consumer behavior from laptops to mobile devices has triggered the shift from typing into tapping,” founder and CEO Ryth Martin said in a news release. “However, the standard checkout process online still remains dependent on nearly 2 minutes of typing from shoppers. Skipify fixes that.”

The new funds will let Skipify speed up the process of enhancing its product and infrastructure. The company said it is also “hiring aggressively for its product and engineering teams.”

Read more: Synchrony Announces Strategic Investment in ePayments Platform Skipify

This marks Skipify’s second strategic investment from Synchrony in the last two months, following an investment announced in December 2021.

That investment also saw Synchrony working with Skipify to commercialize Skipify’s capabilities across Synchrony’s network of merchants and financial ecosystem.

The Synchrony-Skipify partnership provides one-tap checkout to emails, ads texts and websites. Synchrony’s merchants can embed the solution to let their customers make purchases with a Synchrony-issued credit card in one tap and apply rewards and discounts.

“Synchrony is focused on delivering superior customer experiences that help our partners attract and retain new customers, while increasing the amount existing customers spend,” said Michael Bopp, EVP and chief growth officer at Synchrony. “Our partnership with Skipify helps deepen our long-term strategy to create innovative point of sale solutions — in this case by adjusting to new shopping habits and consumer behaviors we’re seeing in the market.”

Read also: Skipify, Google Partner To Bring Shopping To Gmail

In 2020, Skipify formed a partnership with Google to provide shopping features within Gmail, allowing users to look at products in real time and checkout with a shopping cart without leaving the email space.