San Francisco startup SaveUp has raised $2 million in early-stage funding from BlueRun Ventures and True Ventures.
The company has developed a rewards program for personal savings, but has yet to launch its service in public beta (you can sign up for an invite).
In a press release, SaveUp says it intends to rewards Americans for saving money and paying down their debts rather than focus on driving consumer spending like traditional rewards programs.
The startup aims to incorporate rewards and game experiences into every-day financial activities and partner with major consumer brands.
BlueRun’s Jonathan Ebinger joins SaveUp’s board of directors, with True Ventures’ Christiaan Vorkink joining as a board observer.
SaveUp was founded by CEO Priya Haji, who also cofounded World of Good (acquired by eBay last year) and CTO Sammy Shreibati, who was previously at PrepMe.
SaveUp is the first free rewards program for saving money and reducing debt. Users earn SaveUp credits for every dollar saved or debt reduced and can use these credits to play for prizes ranging from travel, cars to even a $2M jackpot. While using SaveUp users are provided financial education, suggestions to improve their financial circumstances and better financial services. SaveUp can be used with 18,000 financial institutions in the US including rewards for savings accounts,...
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