Accrue Savings provides a merchant-embedded payment platform that allows consumers to save up for specific purchases rather than taking on debt. The product functions as a dedicated digital wallet where customers can set a savings goal for a product or service from a partner retailer and make recurring deposits toward that goal. These funds are held in an FDIC-insured account through Bangor Savings Bank. Unlike traditional "Buy Now, Pay Later" services that charge interest or fees for immediate gratification, Accrue Savings operates on a "Save Now, Buy Later" model. It differentiates itself by offering instant cash rewards and incentives from the retailer as the customer hits savings milestones, effectively lowering the final price of the item. The company’s goal is to provide a debt-free alternative for consumer spending that helps retailers increase customer loyalty and conversion rates without relying on credit-based financing.
Company Size
11-50
Company Stage
Series B
Total Funding
$54.7M
Headquarters
New York City, New York
Founded
2021
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