Have you ever bought something only to see it go on sale the next day?
It may seem like bad luck, but you’re often still entitled to get that discount. Some retailers and credit card companies will even guarantee price drop refunds for up to 90 days.
Earny’s app syncs with your inbox and identifies receipts. It then monitors prices at Amazon, Wal-Mart, Target, Best Buy and others. Earny will contact the retailers to ensure that the money goes back on your credit card, or arrives via a check. Earny takes a 25% commission for its efforts.
The Santa Monica, California-based startup is now raising $9 million to accelerate its growth. The latest round was led by Mayfield with participation from Comcast Ventures and Science Inc. Earny previously raised about $2.5 million.
The startup is also announcing that it will be automating credit card price protection claims for all Visa cards. Earny says it tracks about 50 million items from the top 35 retailers.
The business says its users end up getting about 5% of their money back, on average. The most common refunds are for electronics and clothes.
When asked if the retailers would be frustrated by Earny’s model, CEO Oded Vakrat insists that it’s just the opposite.
Vakrat claims Earny “reduces item return rates because customers are more satisfied from their purchase.” He believes they are “three times more likely to purchase again from the same retailer.”
Mayfield partner Rishi Garg says he invested in Earny because he was “impressed with their unique take on customer advocacy and the comfort they bring to shoppers that their purchases are protected.”
Earny plans to use the funding to build out its product and expand into travel. Starting next year, for example, users will be able to get discounted rates at hotels.