Accrue Savings, a NYC-based merchant-embedded shopping experience that rewards consumers for saving, raised $4.7m in seed funding.
The round was led by Twelve Below, Box Group, Ground Up Ventures, Red Sea Ventures, Good Friends, Silas Capital Ventures, Hanaco Ventures, amongst others.
Founded by entrepreneur Michael Hershfield, Accrue Savings is a financial technology company that provides access to an FDIC account which ties to a specific purchase that helps consumers save for the product or service they love and want while earning cash rewards from their favorite brands. Customers are able to choose the timeline for their savings journey, and brands provide cash incentives to reward shoppers for saving.
Led by Hershfield, founder and CEO, Brands that partner with Accrue Savings can strengthen and broaden their consumer base, incentivizing customers who choose saving over debt by offering them cash rewards when they meet milestones on their savings journey. When customers elect a savings-based shopping strategy, these brand partners will be in lockstep with their customers’ purchasing plans. Additionally, with customer acquisition costs on the rise and the ongoing battle with online shopping cart abandonment, Accrue Savings also expands addressable audiences by increasing accessibility to products and services.
Inaugural retail partners at launch include Casper (NYSE: CSPR), Camp, and Candid, with more to come.
Accrue Savings is a financial technology company and is not a bank. Banking services provided by Blue Ridge Bank, N.A., Member FDIC.