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Business & Economy

Fygo launches app to bolster firms’ revenues after COVID-19

A fintech start-up has launched a venture to help businesses recover from the COVID-19 pandemic.

Fygo has created a student loyalty app.

The company’s founders – Ben Champion and Jonah and Toby Lowenstein – say it provides operators seeking to take back control of revenues with a “simple way to get more Gen Z customers and keep them loyal”.

They say verified students and staff at Durham University will be able to turn any normal bank card into a loyalty and rewards card using the free mobile app when it launches in April.

The system works through students and staff linking any bank card to the app through a secure interface, which, when they spend using a linked card at Fygo partners, means users instantly receive cashback.

Furthermore, the start-up’s bosses, who are Durham University and St Andrews University alumni, say Fygo automatically recognises in-store and online card payments, meaning small businesses can promote omnichannel sales, with operators able to see Fygo’s exact impact on sales and revenue.

“From customers’ perspectives, Fygo is paying them cashback instantly and automatically when they make a purchase at a business,” says Toby.

“And what’s awesome is that the business is credited for the experience”.

Toby adds that with Fygo, when student customers pay full price at the checkout or point of sale, not only do businesses receive the money from purchases immediately, but they also retain the value that would otherwise be lost if they reduced the price of the purchase with a discount.

He also says Fygo partners can change their offer when it suits them, thus allowing businesses to increase the number of walk-in customers and average transaction values while staying in charge of profit margins.

Jonah adds: “Every Durham business can use Fygo to bring back walk-in student customers and increase their revenue with minimal effort, and at a low and easily-trackable cost.”

“Many businesses resort to blanket discounts or expensive marketing and loyalty solutions to try and get more student customers,” concludes Ben.

“Fygo is on a mission to give businesses an easier, more reliable way to increase their revenue.”