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Accrue
Savings app with rewards
- 21-100 employees
- Fintech
- B2C
- Retail
- Personal finance
- Payments
- SaaS
- Garment District, New York, NY
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Company mission
To help people save with its merchant-embedded shopping experience that rewards consumers for saving up for the things they want to buy.
Few candidates hear
back within 2 weeks
Our take
Over $100 Billion in sales were generated in 2021 by Buy Now, Pay Later (BNPL) options, proving that alternative payment options are fantastic tools for retailers to entice customers. However, BNPL companies are starting to face stricter regulations after a backlash around many providers providing credit to those who cannot afford it. Accrue is taking a different approach with a Save Now, Buy Later product.
Instead of providing customers with credit to make purchases, Accrue is partnering with retailers to support savings behavior. Users set goals to purchase from Accrue partners. Meanwhile, those partners contribute to the purchase when a customer hits certain milestones.
At the moment, Accrue largely makes money at the point of purchase, through card interchange fees. However, to bring in serious revenue they will need to raise performance fees from merchants, which in turn requires demonstrating high order values for merchants. Accrue’s next steps are to expand retail partnerships and add employees across all departments, including engineering, sales, and marketing.
Freddie
Company Specialist at Welcome to the Jungle
Benefits
- Robust health benefits packages (3 of our 4 medical plans cost $0 for full family coverage)
- Company contributed 401k
- An empathetic team that values mental wellness and work/life balance
- A hybrid-friendly work environment with a brand new Union Square NYC office!
Company values
- Integrity above all else: We're asking people to give us their money, and partners to put us on their sites. We act with transparency and speak with clarity to earn trust and keep it. We look for ways to contribute to retailers' success and savers' financial wellbeing
- One small light can dispel a lot of darkness: We are working to help individuals improve their financial wellbeing, and to bring about change to a whole system. That requires a commitment to constant improvement and the optimism to keep pushing
- Respect the foundational: For each other, the businesses we partner with, and for our savers' relationships with money
- We're all accountable: This company belongs to all of us. It thrives on our passion, grit, ideas, and initiative. Everyone has a role to play in shaping our success. If not me, who? If not now, when?
- With glowing hearts: We see the good. We try to help. Big ambitions don't get in the way of humility and generosity
Funding (last 2 of 3 rounds)
Jan 2023
$25m
SERIES B
Jan 2022
$25m
SERIES A
Total funding: $54.7m
This company has top investors
Leadership
Michael Hershfield
(CEO)Prior to founding Accrue in 2021, they were Senior VP of Sales at WeWork where they worked since 2018. Also worked as an Advisor at Silas Capital and previously in a high-growth tech startup, Kitchensurfing, as COO.
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Jobs (2)
Software Engineering
Sales & Account Management