Today we announced the public release of our app and a $1.5 million seed round with the backing of a great set of investors: Liquid 2 Ventures (Joe Montana’s fund), Plug and Play ventures, Mark Lefanowicz (early Credit Karma investor), Sy Fahimi (early investor in Mint), super angel Sophia Collier, Band of Angels, Rajul Garg (early stage investor in US/India), Anton Gauffin (founder of Huuuge games) and a number of banking executives.
We set out to build this company based on the insight that the post-purchase experience is broken. Most Americans, who average between two and four credit cards, are aware of their common benefits such as points, merchandise rewards, and travel. But credit card perks are like an iceberg – some of the most valuable benefits are underneath the surface, hidden behind jargon and fine print or are hard to take advantage of. We couldn’t believe that so much money was being left on the table when it belonged in the pockets of consumers!
With Sift we set out to turn this upside down and build an experience to bring these benefits to the forefront. Not only are consumers able to get their hard earned money back with Sift, but we believe this is ultimately the direction in which the industry needs to move. Millennials have been slow to adopt credit cards and lack trust in banks, however with new experiences built around transparency, the industry can attract new customers and keep existing ones longer.
The new funding is going to enable us to expand our offerings for consumers, including the unlocking of a number of other hidden benefits!
Abhinav, Janne and Ramesh