Providence-based Swipely named to Forbes’ list of America’s 'Most Promising Companies'

PROVIDENCE, R.I. (WPRI) – A Providence-based startup founded by one of the state’s most successful technology entrepreneurs has been named one of the "America's Most Promising Companies" by Forbes Magazine.

Swipely, a company that gives small businesses the ability to obtain detailed information about customers using credit cards in an attempt to grow sales, is the first Rhode Island company to receive the prestigious honor.

"Swipely's vision is to bring powerful, simple and affordable online tools to offline businesses. Today's recognition by Forbes validates both our huge opportunity, and our traction with customers," Swipely CEO and founder Angus Davis said. “As the first Rhode Island company ever named to the Forbes list, I am especially proud of our winning team."

• Watch: Executive Suite with Angus Davis on Swipely

Davis, 35, made a name for himself as a teenager when he left Rhode Island to become one of the first employees at Netscape, the web browser company that was formed in the 1990s. He later helped co-found TellMe Networks, a voice-recognition software company that was purchased by Microsoft for more than $800 million.

Davis founded Swipely in 2010, helping the company become the first Rhode Island business to raise $7.5 million series A capital. Swipely now has more than $400 million in sales under management, providing hundreds of merchants insight into the spending of more than 875,000 consumers.

Dan McGowan ( dmcgowan@wpri.com ) covers politics and the city of Providence for WPRI.com. Follow him on Twitter: @danmcgowan