It has never been easier to make purchases with credit thanks to the massive growth of buy now, pay later (BNPL), but no one is rewarding Americans who save. As an e-commerce consumer with a bias toward saving, this never made sense to me. As an entrepreneur, I kept having this feeling that I needed to solve it. Today, with a best-in-class team, we are excited to launch Accrue Savings, a company that rewards people who save and helps retailers attract new customers.

Accrue Savings is a merchant-embedded shopping experience that rewards customers who save for their favorite products and services. It helps retailers attract new customers and helps consumers by putting cash into their pockets without debt, credit, or fees.

“No one is rewarding Americans who save. As an e-commerce consumer with a bias toward saving, this never made sense to me.”

Credit and its accessibility has been a driver of tremendous growth and expansion of the American economy. Over the last few decades, and increasingly over the last couple of years, retailers have grown accustomed to using credit as a primary incentive to drive consumer growth. There has been endless innovation in credit — the proliferation of everything from white-label credit from brands, BNPL, and the ever-present offers for low-interest credit cards; credit’s lure has never been more irresistible.

But, easy credit comes with a cost. Today, many Americans struggle with the financial pressure that accompanies the proliferation of debt. For one thing, we overspend. For every dollar Americans earn, they spend $1.33; and yet, almost 60% of consumers regret overspending. While Americans rack up debt, credit card companies prosper. In 2020 alone, credit card companies brought in $176B in income from interest and interchange fees.

Today, amidst the expansion of consumer debt, there’s a popular misconception that Americans aren’t saving. That may be true when you compare the dollar figures to credit, but it isn’t when you look at their mindsets. Our research shows that over 60% of Americans are currently saving for a big discretionary purchase — things like cars, electronics, travel, jewelry, fitness equipment, gifts, and furniture. The real truth is simply that no one is helping consumers save. Despite fintech’s evolution, innovation just isn’t aimed at helping savings accounts to grow. No interest, no incentives, no rewards, no integration. Not only does this add up for consumers, but this comes at a cost to brands: you can’t say you care about customers and only offer them credit programs.

We believe there’s a different way — one that changes the relationship between brand and consumer and promotes sustainable financial growth. At Accrue Savings, we recognize there’s an opportunity for retailers to build stronger relationships with customers through the power of savings while offering them the same kinds of benefits that credit card shoppers have come to expect.

Accrue Savings is doing something that no other payment option offers: giving customers the opportunity to be encouraged and supported not only by the retailer but also by friends and family. Customers can share what they are saving for — and ask friends and family to contribute — keeping them on track, empowering loved ones to participate, and, ultimately, making that final purchase an emotional and personal achievement.

As companies increasingly seek out more responsible business practices and solutions, Accrue Savings is giving them an answer. Businesses can finally offer customers truly diverse payment options that empower them to choose how and when they want to buy their products.

It’s time to realize the power of saving. That’s why our team, along with our retail partners and investors, have worked hard to bring Accrue Savings to life.

Retailers, meet your customers where they are

Retailers have spent years optimizing the checkout flow, yet most consumers don’t even make it to the checkout page. Now there is a way to bring them into the funnel (or back into the funnel) by allowing customers to receive rewards when they save for the things they want.

Brands can incentivize customers who choose saving over debt by offering them cash rewards when they meet milestones on their savings journey. That allows these brand partners to be in lockstep with their customers’ purchasing plans.

Accrue Savings goes beyond retargeting and discounting, offering customers an opportunity to begin saving for a sought-after item, no strings attached.

With Accrue Savings:

• Brands can expand their addressable audience by making purchases accessible to a wider range of people
• Reduce CAC by getting commitments earlier in the purchase funnel
• Appear in places in the purchase journey to capture potential customers who are typically lost
• No longer be beholden to search and social platforms like Google and Facebook for rising CAC costs by acquiring prospects earlier in the consideration funnel

Consumers, give credit a break

Now there is finally an option to buy the things we love without debt, credit, or fees.

With Accrue Savings:

• Consumers get free money when they create a savings schedule, automate deposits, and share goals
• Have a better relationship with the brands they interact with
• Have a healthier financial position
• Get rewarded for planning for future purchases/needs

Bringing joy and thoughtfulness back to online shopping

Today we’re launching with many exciting partners, including Casper, Allbirds, Candid, Camp, Eterneva, Fyrn, Tire Agent, and Mark Henry. We are proud to work with these retailers that are prioritizing diversity of payment options and who are relentlessly committed to putting their customers first.

Throughout decades of working in tech — including starting my first company and working with the talented team at WeWork — I’ve dreamed about the opportunity to work with a team like this on something that truly makes a difference to people.

I’d also like to extend gratitude to our investors, who saw the benefit of Accrue Savings and worked with me tirelessly to make it happen, including Twelve Below, Groundup Ventures, Box Group, Red Sea Ventures, Silas Capital Ventures, Good Friends, Center Street Partners, as well as many former colleagues, friends, and investors that I’ve collaborated with along the way.

We are excited to share that Accrue Savings is available for all retailers who share these values, and we’d love to hear from you. Send me a note at michael@accruesavings.com.

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