Welcome SaveUp to the True Family

At True, we’re drawn to exceptional Founders attacking huge problems with truly innovative solutions. Among numerous sectors of focus for our team, we see consumer finance as an area of significant opportunity and have been partnered with Danny Shader and his team at PayNearMe for the past two and a half years as they work to provide consumers with the ability to use cash in online purchases and other transactions that previously required a credit or debit card. We’re now excited to welcome to the True family another company in consumer finance poised to have a similarly powerful impact.

Today, SaveUp is announcing that it has raised $2 million in a financing we were proud to co-lead with our friends at BlueRun Ventures. Founders Priya Haji and Sammy Shreibati and their team are bringing to market an innovative service designed to provide a simple and fun way for consumers save money and reduce their debt. SaveUp is unique: while many consumer finance rewards programs motivate individuals to spend more to become eligible to win prizes, SaveUp offers a meaningful incentive to take positive financial action like making a deposit in a savings account or paying down bank or credit card debt.

This financing is being announced today but our relationship with SaveUp actually began some time ago. During one of our Open Coffees on the deck at Pier 38 last fall, we met Priya, who was then at eBay as eBay had bought her previous company, World of Good, in February 2010. Over the next few months, we spent quite a bit of time together and as SaveUp began to take shape it was clear that this was precisely the kind of opportunity that we at True are designed to support. Most importantly, in Priya and Sammy, we see a complementary pairing of seasoned entrepreneurs who have the experience, talent and vision to build an awesome team around them and a culture and company of both true purpose and great impact. And, as we seek to partner with Founders with big visions to truly change the world, SaveUp is a wonderful fit. For millions of Americans the burden of diminished savings and increasing debt is severe and we love the solution the SaveUp team is pursuing to ease this burden and inspire healthier consumer financial behavior.

Lots more good news to come from SaveUp in the months ahead and we’re looking forward to helping the team turn this idea into something truly incredible. In the meantime, we encourage you to pre-register for the SaveUp beta today.

Welcome Priya, Sammy, and the SaveUp team to the True family.