Accrue Savings

Financial technology for savings and spending

New York City, New York, United States

About Accrue Savings

Accrue Savings provides payment solutions that help customers save and spend with their favorite retailers. Their main product is a dedicated wallet that centralizes incentives, store credit, and deposits, which is also FDIC insured through Bangor Savings Bank for added security. This wallet allows users to manage their savings and spending in one place. Unlike many competitors, Accrue Savings focuses on enhancing customer engagement and retention for retailers by creating a hub for savings and spending. The company generates revenue through partnerships with retailers, who gain increased customer loyalty and revenue. Additionally, Accrue Savings offers tailored programs for customer acquisition and instant rewards on deposits, making it appealing to both consumers and merchants.

New York City, New YorkHeadquarters
2021Year Founded
$53.2MTotal Funding
SERIES_BCompany Stage
Fintech, Financial ServicesIndustries
11-50Employees

Risks

Emerging SNBL platforms in travel could dilute Accrue Savings' market share.
The popularity of installment plans may challenge the SNBL model's appeal.
Decreasing interest rates might reduce the attractiveness of saving accounts.

Differentiation

Accrue Savings offers a unique 'Save Now, Buy Later' model for debt-free purchases.
The platform provides an FDIC-insured wallet for centralized savings and spending.
Accrue partners with retailers to enhance customer engagement and retention.

Upsides

Accrue Savings raised $25 million in Series A funding to expand its platform.
The partnership with CheapOair taps into the growing SNBL trend in travel.
Lower interest rates could make SNBL more attractive than traditional credit options.