finance
Savings app raises $65 million after reaching $1.2 billion valuation
The Toronto-based company reported $200 million in net revenue and turned profitable. It offers members hotel discounts, cashback, prescription savings, cash advances, and credit tools for a $15 monthly fee.
Jul 7, 7:26 AM·1m read1 source
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A savings application that provides hotel discounts, cashback, prescription savings, cash advances, and credit-building tools raised $65 million in a Series D round led by TPG. The company now holds a $1.2 billion valuation and employs about 300 people. It surpassed $200 million in net revenue, grew more than 50 percent year over year, and reached profitability.
Membership and customer reach Members pay a $15 monthly fee for up to 40 percent off hotels, everyday purchase cashback, prescription discounts, cash advances, and credit tools. The Super+ membership is approaching one million users and has returned more than $1 billion to customers.
The service targets households earning under $100,000, a segment the company estimates at 100 to 150 million Americans.
Background and expansion The company began in 2016 as a hotel-booking service before shifting focus after the pandemic. It recently became NASCAR's official savings partner, gaining exposure to roughly 70 million fans. The personal-finance application market is projected to grow from $31.7 billion to $173.6 billion by 2035, with several competitors also seeking users in the same segment.
