Cashback programs have notoriously fallen flat with users, as evidenced by Bing Cashback’s demise. Envaulted is hoping to bring new life to the cashback program as a next-generation rewards network. It’s sort of like Blippy meets Bing Cashback.
You register your credit card on the site, and Envaulted will sign you up with a 1 percent flat cashback program. Once you accrue $10, you can request a check once a month, no strings attached. You simple spend freely on your card and the startup will send you a check. It almost sounds too good to be true.
On top of the cashback program, Envaulted will track the stores where its community spends and try to negotiate deals and offers on users behalf (this is very similar to Offermatic).
Most of the time, the benefits involve cashback offers, says the startup, which is how they say they differ from Offermatic, which is more deal and discount oriented. The concept behind Envaulted is that it wants to rewarded for what you’re already shopping for, by the brands you are already loyal to.
I’m still not convinced that Envaulted is the future model of cashback programs but it is certainly capitalizing on a trend that Blippy and Swipely have made popular. Envaulted has raised $1 million in seed funding.