SwipeSum, a software company that helps merchants save money on credit-card processing, has raised $1 million from local investors led by Andrew Love and Laurence Schiffer.
The investment is the first outside seed funding for SwipeSum, which moved to St. Louis this year from Los Angeles. The eight-person company, which has been in the Industrious co-working space on Washington Avenue, also announced that it will move Jan. 1 to the Cast Iron Building, 714 North Second Street on Laclede's Landing.
SwipeSum's software sets up an auction process in which payment processors bid for a merchant's business. The company says it saves customers an average of 55 percent on their card processing.
Michael Seaman, SwipeSum's chief executive, said the investment would help the company automate its customer experience and add sales and marketing staff.
Love and Schiffer have experience in the payments business. They are former owners and officers of Heartland Bank, which was sold to Midland States Bank in 2014, and helped found Heartland Payment Systems, which was acquired by Global Payments in 2016 for $4.3 billion.