Accrue Savings, a NYC-based merchant-embedded shopping experience that rewards consumers for saving, raised $25m in Series A funding.
The round was led by Tiger Global, with participation from Aglaé Ventures, Maple VC, and notable leaders such as UPS CEO Carol Tomé and Fanatics CEO Michael Rubin, as well as returning investors Twelve Below, Box Group, Red Sea Ventures, Ground Up Ventures, Good Friends, Silas Capital Ventures, among others.
The company intends to use the funds to expand retail partnerships and bolster hiring efforts across all departments, including engineering, sales and marketing.
Launched in November 2021 by Michael Hershfield, CEO, Accrue Savings empowers consumers to save for a purchase while earning cash incentive rewards from the brand along the way. Retailers can reward customers who choose saving over debt by making FDIC-insured cash contributions to a customer’s account when customers meet milestones on their savings journey.
New retail partners now offering Accrue Savings to their customers include Smile Direct Club (NASDAQ: SDC) and Poly & Bark, with more retailers on the way. These brands join Casper (NYSE: CSPR), Camp, Eterneva and more, in providing debt-free ways for people to buy the things they want most.