What is Upromise?
Upromise operates a platform designed to facilitate the accumulation of cash back rewards, which can then be allocated towards various savings objectives. The service is tailored for individuals and families seeking to enhance their financial planning and savings strategies by leveraging everyday purchases. By providing an accessible method for users to build their savings, Upromise aims to empower them in achieving their financial goals, positioning itself as a key player in the personal finance management space.
How much funding has Upromise raised?
Upromise has raised a total of $89M across 2 funding rounds:
Series A
$34M
Series B
$55M
Series A (2000): $34M with participation from General Catalyst, Greylock Partners, CRV, and General Atlantic
Series B (2000): $55M led by General Atlantic, Hellman & Friedman, Charles River, General Catalyst, and Kleiner Perkins
Key Investors in Upromise
General Atlantic
General Atlantic is a global growth equity firm that provides capital and strategic support to high-growth companies across various sectors, including technology and financial services. They partner with management teams to accelerate growth and international expansion.
General Catalyst
General Catalyst is a venture capital firm focused on identifying and supporting transformational business opportunities, backing entrepreneurs with ambitious visions across technology, healthcare, and financial services. They provide capital and operational support to accelerate growth.
Kleiner Perkins
Kleiner Perkins is a venture capital firm that invests in early and growth-stage technology and life science companies, providing capital and operational support from seed through IPO.
What's next for Upromise?
The substantial enterprise-level funding and recent strategic investment indicate Upromise is poised for significant expansion and further development of its reward and savings platform. This capital infusion will likely fuel enhancements to user experience, broader market penetration, and potentially new strategic partnerships. The company's focus on financial planning and savings goals suggests a trajectory aimed at solidifying its position as a leader in consumer-centric financial tools, with future initiatives likely centered on deepening user engagement and expanding the utility of accumulated rewards.
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