French startup ReachFive wants to become Stripe for account management. The company just raised a $10 million Series A funding round led by CapHorn Invest, with Dawn Capital and Ventech also participating — investment bank Avolta Partners handled the fundraising process.
When you buy something on an e-commerce website or app, chances are those companies asked you to create an account before entering your address and payment information. ReachFive creates the login module for dozens of e-commerce and transactional companies.
This isn’t just about storing an email and password. ReachFive lets you do interesting things with your customer database. For instance, ReachFive works across different channels.
If you shop on L’Occitane’s website and then purchase cosmetics in a store, they can find your account. This way, you get accurate information about your customers. ReachFive complies with GDPR.
ReachFive also supports social logins, such as Facebook Connect or “Sign in with Google.” The company also supports two-factor authentication. And, of course, you can integrate ReachFive with other services, such as a CRM, a CMS, a recommendation engine, etc.
If you’re creating a brand from scratch, you might rely heavily on newsletters and content. You can let people sign up to the newsletter without creating a full-fledged account. They can create an account when they make their first purchase later down the road — ReachFive will reconcile profiles.
Forty companies are using ReachFive, including Boulanger, Etam Group, L’Occitane, Hachette Group, Engie and La Redoute. The startup manages 40 million user accounts overall. The company uses a software-as-a-service pricing model, and you can be sure that each contract must be quite valuable.
ReachFive proves that an omnichannel strategy doesn’t just mean that you should merge your inventories and catalogs across your online and offline platforms. It also means that you should be able to provide a unified customer experience by understanding a customer from start to finish.
Big retail companies have already unified their user accounts — when you buy an Apple product in an Apple store, you can see the receipt in your online account. But ReachFive could become an essential widget for all mid-tier e-commerce platforms.