Shopping experience platform Accrue Savings has raised $25m from a Series A round headed by Tiger Global.
The round also saw participation from Aglaé Ventures, Maple VC and executives such as UPS CEO Carol Tomé and Fanatics CEO Michael Rubin. Existing investors included Red sea Ventures, Box Group, Twelve Below, Ground Up Ventures, Capital Ventures, Silas Capital and Good Friends. Following this recent funding round, Accrue has now raised total funding of close to $30m.
Founded in 2021, Accrue claims it empowers consumers to save for a purchase while earning cash incentive rewards from the brand along the way. Brands that partner with accrue claim they are seeing an immediate impact on their top-of-funnel marketing efforts.
Retailers who use Accrue Savings can engage with customers earlier in the consideration phase by offering a savings-based purchase plan on their website and in targeted email or SMS campaigns.
According to Accrue, it will use the new funding to expand retail partnerships and bolster hiring efforts across all departments, including engineering, sales and marketing.
Accrue Savings CEO and founder Michael Hershfield said, “The response from retailers and consumers since launch has surpassed our expectations. We’re so pleased to find so many brands that want to offer meaningful payment diversity options for consumers. Bringing on an institutional investor like the venerable Tiger Global demonstrates the significant opportunity to embed more diverse financial technology to transform the shopping experience for a broader range of customers.”
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