SaveUp is a
online social website which rewards people who log on to the website to track
and manage their spending to save money. Unlike most loyalty programs that give
credit based on how much one spends, SaveUp rewards you for how much you save.
In other
words the company’s mission is to get people saving money again and
out-of-debt. The platform does this by providing its users with “incentives”.
The more you save and pay off your debts – the more incentives you win (credits
that can go towards prizes and free plays).
The
company, based in San Francisco, has currently 7 employees and had previously raised $2 million from Blue
Run Ventures and True.
This is
how the “user’s dashboard” looks like:
In these
first months after the launch of the platform, the rewards program has proven
incredibly successful with both keeping users engaged and improving their
finances. SaveUp is seeing unprecedented user engagement for a financial
services platform: 20 percent of its user base is active daily; with 45 percent
tuning in weekly, and 68 percent signing in at least once a month.
The founder of SaveUp, Haji recently said that SaveUp users have more
than half-a-billion dollars in debt registered in the system. That includes
$317 million in mortgage debt, $45 million in credit card debt, and $148
million in loan debt. But in just the short time since launch, it’s helped
users pay down $74 million in debt. The “service” also helped users bolster
their savings, to the tune of $93 million (!).
No comments:
Post a Comment