SaveUp, a San Francisco-based financial rewards startup, has closed on $4 million of the $5 million round it is raising, reports TechCrunch today.
SaveUp offers users rewards for positive financial behavior. When consumers pay down debt or accumulate savings, they earn credits that are cashed in to win money and prizes such as cars and vacations. Though we love the idea of rewarding consumers for positive financial behavior, the idea of raffles sounds somewhat odd to us.
With the latest funding round, TechCrunch reports that SaveUp will work toward increasing the distribution of its product , as well as finding ways to join new platforms, particularly on the mobile channel.
Existing SaveUp investors Blue Run Ventures and True Ventures participated in the round. SaveUp launched in April 2011.