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SaveUp Purchased by Chicago-area Entrepreneur Paul J. Burt

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SaveUp has officially been sold to Chicago-based entrepreneur Paul J. Burt.

SaveUp helps millennials and Gen Y consumers improve their personal finances through a combination of behavioral economics and gamification. Founded in April 2011 by the late Priya Haji and Sammy Shreibati, the company demonstrated its technology at FinovateSpring 2012 and again at FinovateSpring 2014, where it won Best of Show honors.

As part of the deal, SaveUp has been relocated from Silicon Valley to Lake Forest, Illinois. The purchase was made in December 31, 2014, and closed on April 8, 2015. Terms were not disclosed. SaveUp had raised $7 million in funding as of July 2012.

SaveUp_PaulJBurtPaul J. Burt is the founder and CEO of Westlake Financial Group, an employee benefits company for mid- to large-sized companies. The firm has more than 50 employees, and serves more than 150 corporate and healthcare clients around the country.

Burt is also the founder of an incubator program, Entanglement, also based in Lake Forest. Entanglement provides a forum for local students and community members interested in new technologies. He founded Cera Solutions in 2013, which developed a mobile employee-benefit onboarding solution.

SaveUp is free and available on both iOS and Android, as well as online at SaveUp.com. To use the platform, users link their credit, student loan, savings, and other accounts, and then earn points for every dollar they spend toward either reducing debt or growing savings. Points can then be used to play games and enter contests to win prizes, as well as compete for a $2 million jackpot.