Another strong week with 13 deals and in excess of half a billion dollars invested in New York companies. NYC Tech News for the week ending 1/15 featuring news for Gameto, Bolster, IronVest, and much, much more.
The latest venture capital, seed, pre-seed, and angel deals for NYC startups for 1/13/2022 featuring funding details for Fable, Accrue Savings, and much more
The behavioral shift to online purchases during the pandemic led to a meteoric rise in the use of Buy Now, Pay Later solutions ($97B in 2020), which has garnered significant attention. So much so that, just yesterday, the House Subcommittee of Financial Services held a hearing focused on the risks and benefits of BNPL. According to Credit Karma, 34% of those who have used BNPL have fallen behind on one or more payments. Accrue Savings is an innovative new offering launching today that’s pushing consumers towards more prudent spending through incentive-based savings tied to specific purchases rather than incurring point-of-sale debt as with BNPL. Consumers using Accrue are given FDIC-insured accounts and are rewarded for meeting savings milestones in the form of cash rewards from brands, building a pipeline of future purchases for participating brands while creating brand loyalty. Friends and family are also able to contribute towards the savings plan. AlleyWatch caught up with Accrue Savings CEO and Founder Michael Hershfield to learn more about the problem the historical disconnect between technology and savings that Accrue addresses, the company’s strategic plans, launch, and recent funding from investors that include Twelve Below, Box Group, Groundup, Good Friends, Red Sea Ventures, Center Street Partners, and many seed investors including Scott Belsky, Gokul Rajaram, and many other NYC angels and operators.
5 deals totaling $80M+; 2 exclusives.