Palestine’s Ibtikar Fund announced its investment in Receet, a mobile application that provides digital receipts in business transactions.

The size of the investment has not been disclosed. Receet will use the investment to improve its product and increase its customer base.

“Using the Receet app consumers can easily find receipts to make a return, file taxes or complete expense reports by searching for the receipt on their smartphones,” said Omar Barkawi, founder and chief executive officer at Receet. “They can also categorise receipts and will have the ability to upload their receipt data to personal accounting software and business expense tracking software and apps.”

The digital receipts generated by Receet can be indexed, categorised and easily searched for, all of which is not possible with email receipts.

“We are excited to invest in Receet and help them develop a product that will not only improve the customer experience, but also saves money and our environment. We believe now is the perfect time for Receet, as consumers become more conscious of their environmental footprint and seek to make better choices,” said Habib Hazzan, managing general partner at Ibtikar Fund. “We also see a lot of opportunity for Receet for the banking industry and big retailers who spend millions of dollars simply printing receipts.”