Sift swipes $1.5m to unlock hidden credit card benefits

Credit card benefits and reimbursement startup Sift has raised $1.5m in a seed round and announced the public launch of its app.

The investment for the Sunnyvale, California company come from Liquid 2 Ventures and Plug and Play as well as a collection of angel backers.

The company aims to help consumer understand and use their credit card benefits that are often hidden among complex language.

These ‘hidden’ benefits include price adjustment refunds, extended warranties and return protection.

Sift analyses policies and automates the filing of claims on behalf of users.

Company co-founder Abhinav Dubey said: “In our Beta testing, we have saved users hundreds of thousands of dollars and estimate users get back over 5% of their spend.

“This round of funding will help us grow our user base as well as continue to develop ways in which we can level the playing field for consumers.”

Sift will use the capital to expand its offering to include travel related benefits, such as reimbursements of up to $500 for flights delays, lost luggage and trip cancellation insurance.

Liquid 2 Ventures managing partners and NFL Hall of Fame quarterback Joe Montana said: “The Sift app has an opportunity to turn the credit card experience upside down.

“Although everyone pays attention to the rewards and cash back on a card, Sift is bringing the hidden benefits front and centre and building a new experience around this that can change the industry.”

Copyright © 2017 FINTECH GLOBAL

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