US-based savings reward program SaveUp received $2m in seed funding yesterday from venture capital firms BlueRun Ventures and True Ventures. The pre-registration for SaveUp’s beta launch was initiated at the same time.
Founded by experienced entrepreneurs Priya Haji and Sammy Shreibati, SaveUp’s model works in a similar way to traditional consumer reward programs except that customers are rewarded for making positive financial transactions instead of spending money. The rewards consist of the chance to win valuable prizes.
Jonathan Ebinger, partner at BlueRun Ventures, which span out of mobile phone maker Nokia in 2005 but retains the Finland-based company as a limited partner, said: "SaveUp is disrupting and completely reinventing the entire concept of traditional rewards programs. By incorporating rewards and game experiences into every-day financial activities, SaveUp motivates Americans to closely examine the way they spend and save money and empowers them to make positive changes to their financial behaviours."
Ebinger continued: "The SaveUp team has the right combination of technology expertise, creative vision and determination to tackle one of the toughest challenges facing Americans – saving money and paying down debts – while making it fun, easy and accessible enough for just about everyone."