SOURCE: SaveUp, Inc.

SaveUp

December 11, 2013 08:00 ET

SaveUp Grows to Help Americans Rebuild More Than $1.2 Billion in Assets

Online Financial Rewards Program Incorporates Gamification to Drive Savings Nationwide

SAN FRANCISCO, CA--(Marketwired - December 11, 2013) - In less than two years since its initial launch, SaveUp (www.saveup.com), a national online financial rewards program for saving and paying down debt, today announced it has helped Americans rebuild more than $1 billion in assets.

"In the financial services industry, our prize-based behavioral economics was initially considered too simplistic," says Priya Haji, SaveUp CEO and co-founder. "SaveUp has had a tangible impact on so many lives in such a short time that it is clear that traditional methods of interacting with personal finances are not enough. Consumers need the innovation that Silicon Valley is known for in order to take control of their finances."

Saving with SaveUp

Founded in 2011, SaveUp was designed with the principles of gamification and behavioral economics in mind to reward consumers for smart financial decisions such as saving money, paying down debt and learning more about their finances. Every time a SaveUp user makes a positive financial decision, they have the chance to win sponsored prizes such as a $2 million jackpot, gift cards from top retail brands, luxury vacations and cash prizes towards financial goals such as student loan repayment. 

In the past two years, SaveUp has:

  • Helped Americans rebuild more than $1.2 billion in assets. SaveUp users have saved a total of $723 million and paid off more than $491 million in total debt.
  • Made financial management a habit. Six months after signing up with SaveUp: 21 percent of users return to SaveUp daily, 43 percent return weekly and 59 percent return monthly to track on their financial progress. Additionally, 50 percent of users reported that SaveUp motivated them to make positive financial choices, according to Filene's Research Institute.
  • Educated consumers on savings and paying down debt. SaveUp users have viewed 109,000 education sessions and have accepted 111,000 financial challenges.
  • Connected consumers to better financial products and services: SaveUp has helped thousands of Americans connect with better financial services to lower their interest rates on loans or find certified financial planning and better savings products. 
  • Engaged the future of the American economy. Currently, 57 percent of SaveUp's user base is aged 21-34 and 60 percent are female. SaveUp users have an average household income of $50k - $100k, have an average savings balance of $22,594, and carry an average of $53,058 in debt. Historically, financial management products have missed the millennial segment completely and appealed primarily to baby boomers and men. 

Partnering with financial institutions and nonprofits

In addition to working directly with consumers, SaveUp partners with financial institutions and nonprofits to encourage younger consumers to make better financial decisions and achieve their savings goals.

Since its inception, SaveUp has launched nearly 100 financial partnerships including:

  • Michigan State University Federal Credit Union, the largest university credit union in the country and Schools First Federal Credit Union
  • American Student Assistance, one of the nation's largest student loan guarantors
  • America Saves, a national savings campaign by the Consumer Federation of America
  • EARN, a nonprofit that provides financial services and resources to low-income families

About SaveUp
SaveUp is the first free nationwide rewards program that encourages Americans to save money, pay down debt and make positive financial changes. By partnering with major consumer brands and financial institutions, SaveUp gives users the opportunity to win exciting prizes for performing positive financial actions. Individual user information is secure on the site with bank level encryption. Since it was founded in 2011, the San Francisco based company has helped consumers rebuild nearly $1 billion in assets. Its investors include Blue Run Ventures and True Ventures. To learn more about how to get rewarded for your positive financial actions or to partner with SaveUp as a bank or sponsor, please visit us at www.saveup.com

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