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Based in New York, Accrue Savings is a financial technology company that develops a "save now, buy later" payment platform allowing consumers to save for specific retail purchases without taking on credit debt. The embedded software integrates directly into e-commerce checkout experiences, enabling retail partners to offer FDIC-insured digital wallets and contribute cash rewards toward a shopper's designated savings goals. By providing a debt-free alternative to standard financing options, the platform functions as a customer acquisition and loyalty tool for consumer brands, securing early integrations with merchants like Casper, Camp, and CheapOair. Accrue Savings has raised approximately $29.7 million in total venture funding to scale its operations, highlighted by a $4.7 million seed round and a subsequent $25 million Series A financing led by Tiger Global alongside BoxGroup. The enterprise was founded in 2020 by Michael Hershfield.
Accrue Savings has raised $30.0M across 2 funding rounds.
Accrue Savings has raised $30.0M in total across 2 funding rounds.
Accrue Savings has raised $30.0M in total across 2 funding rounds.
Accrue Savings's investors include Alex Cook, Carol Tome, Michael G. Rubin, Aglae Ventures, BoxGroup, Good Friends, Ground Up Ventures, Maple VC, Red Sea Ventures, Silas Capital, Twelve Below, Dunce Capital.
Accrue Savings is a consumer fintech company that builds a merchant-embedded platform enabling users to pre-fund purchases via FDIC-insured wallets, earning cash rewards from brands without debt.[1][2] It serves American consumers seeking responsible saving options and retailers aiming to boost loyalty and lifetime value (LTV), solving the problem of debt-driven spending like buy-now-pay-later (BNPL) by gamifying savings and fostering repeat business.[1][2][3] Launched in late 2021, the company has raised nearly $30 million, grown to 11-50 remote employees, and secured partnerships with retailers like Casper, Camp, Candid, and JustFly.[1][2][3][5]
Accrue Savings was founded in June 2021 by entrepreneur Michael Hershfield, who serves as CEO, amid rising concerns over consumer debt from BNPL services, which generated $100 billion in sales but drew scrutiny from the Consumer Financial Protection Bureau.[2][3] The idea emerged as an alternative to credit-based payments, allowing consumers to save on their own timeline for products, services, or travel while brands offer incentives—directly addressing Hershfield's view that 66% of consumers see BNPL as risky.[2] Early traction came swiftly: a $4.7 million seed round from investors like Twelve Below, Box Group, Tiger Global, and Red Sea Ventures funded the late-2021 launch with inaugural partners Casper, Camp, and Candid, followed by additional funding bringing totals to nearly $30 million and plans to scale to 65 employees.[2][3]
Accrue Savings rides the fintech shift from debt to savings, countering BNPL's growth amid regulatory scrutiny and consumer wariness of debt accumulation.[2][3] Timing aligns with post-pandemic emphasis on financial wellness, digital wallets, and customer loyalty in retail tech, where merchants seek higher LTV without BNPL fees.[1][4] Market forces like rising ecommerce, gamification trends, and demand for embedded finance favor it, as seen in partnerships expanding to travel (e.g., JustFly).[5] It influences the ecosystem by diversifying payment options, empowering "save-now-pay-later" as a win-win for brands and consumers, potentially reducing reliance on credit while strengthening merchant-consumer bonds.[2][3]
Accrue Savings is poised to expand retail partnerships, enhance its embeddable wallet, and grow headcount amid fintech's savings revolution, leveraging its $30 million war chest for engineering, sales, and marketing.[3] Trends like regulatory pressure on BNPL, AI-driven personalization, and embedded finance will shape its path, potentially positioning it as a loyalty staple in retail and travel.[1][5] Its influence may evolve by setting standards for responsible payments, scaling from 11-50 employees to broader adoption and further funding. This "save-first" innovator directly challenges debt cycles, redefining consumer finance one rewarded wallet at a time.[2]
Accrue Savings has raised $30.0M across 2 funding rounds. Most recently, it raised $25.0M Series A in January 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jan 13, 2022 | $25M Series A | Alex Cook, Tiger Global Management | Carol Tome, Michael G. Rubin, Aglae Ventures, BoxGroup, Good Friends, Ground UP Ventures, Maple VC, RED SEA Ventures, Silas Capital, Twelve Below | Announced |
| Nov 1, 2021 | $5M Seed | — | Dunce Capital, General Catalyst, Twelve Below, Union Square Ventures, Gokul Rajaram, Scott Belsky, BoxGroup, Good Friends, Ground UP Ventures, Hanaco Ventures, RED SEA Ventures, Silas Capital | Announced |