SaveUp, a free rewards program to help consumers get out of debt, announced a $5 million round of financing yesterday, which comes after the initial $2 million seed round from Blue Run Ventures and True Ventures it closed in November of last year.
Existing investors participated in the new round, and the remaining contributors are undisclosed. So far, SaveUp has closed $4 million of the $5 million, and is looking for prominent angel investors to close out the round.
Along with covering the announcement, TechCrunch disclosed the following stats:
- 20% of users sign in daily
- 45% of users sign in weekly
- 68% of users sign in once a month
- Users have registered over half a billion dollars in debt in the system, including:
– $317 million in mortgage debt
– $45 million in credit card debt- $148 million in loan debt
- Since launching, its helped users pay down $74 million in debt and save $93 million
SaveUp will use the funding to increase distribution of the product and expand to new platforms.
To learn more about SaveUp, watch its FinovateSpring 2012 demo.