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Upside Saving

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Upside’s open-banking-marketing-platform connects Brands with consumers by offering frictionless cashback

130%
 - 
Funded 30 Sep 2020
£300,000 target
£394,296 from 341 investors
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Business overview

Location London, United Kingdom
Social media
Website www.upsidesaving.com/
Sectors Finance & Payments Digital Mixed B2B/B2C
Company number 12393337
Incorporation date 9 Jan 2020
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Investment summary

Type Equity
Valuation (pre-money) £4.3M
Equity offered 8.26%
Tax relief

EIS

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Business highlights

  • 11.5m people in the Uk have less than £100 in savings (MAPS 2020)
  • Upside has the potential find up to £240 cashback for consumers
  • Strong founding Team and Advisory Board (Tech, Retail, FS)
  • 71% consumers surveyed requested access to private launch
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Key features

  • Secondary Market
  • Seedrs nominee min. £10.08 +

Idea

Introduction

The Problem: Household spending is under severe pressure.

11.5m people have less than £100 in savings, 9m often borrow to buy food and pay bills, 22m say they don’t have enough to retire on. And the economic fallout from Covid-19 will place even more pressure on households.

Natwest research states that consumers are wasting £25bn each year on unused direct debits, standing orders and recurring card payments.

There must be a better way to help people to save automatically.

The Solution:

By reinventing cashback through the power of Open banking, Upside helps households save, and Retailers sell.
Upside’s open-banking-marketing-platform connects Retailers with consumers in a relevant and rewarding way: By offering frictionless cashback (‘upside’), Retailers help consumers build up emergency savings in their time of need, whilst driving incremental sales.

How it works:

Automated savings that grow as you spend.

Upside enables customers to automatically start saving by harvesting upside from their everyday spending, without compromising their lifestyle. With the potential to accumulate hundreds of Pounds a year.

*This is a current screenshot of the application with proposed partners.

Substantial accomplishments to date

Since incorporation in Jan 2020, the business has progressed significantly in a short amount of time:

• All licenses and platforms in place to trade (incl FCA approval)
• Raised £540k+ from founders and SEIS Angel Investors previously.
• 700+ consumers already signed-up as private alpha testers.
• Strong pipeline of retail partners and business development capability

• Strong founding team including:

Strong advisory board including:

Paul Clark | Ex-CTO Tandem | Neo-bank Product Expert.

Marcus East | Google | CTO Office and GV Board member.

Ranila Ravi-Burslem | Savings Champion.

James Blower | The Savings Guru | Savings Expert.

Brian Dunne | Mr Giftcard UK | Retail Expert.

Greg Davis | Oxford Risk | Behavoural Finance Expert.

Monetisation strategy

Our business model is aligned with the end customer: we make money, when we find money for the customer.

Practically, we will take a commission of all the 'upside' found on behalf of customers.

Example:

We do a marketing deal with Retailer X through which that retailer pays say 3% cashback on all purchases from upside customers ('upsiders'). Say Upsider Y spends £100 at Retailer X, we will see that on Upsider Y's bank account via open banking.

We will then claim the £3 cashback from Retailer X. We earn a commission on that £3 and pay the net cashback over to Upsider Y.

Use of proceeds

The investment is intended to drive us through the next phase by:

• Onboard more retail partners
• Build out a self-serve retailer platform
• Build out Upside-as-a-Service API gateway
• Prepare for Seed funding in Q1 2021

The data and customer outcomes delivered through this pilot will then used to prepare for the seed funding round, and scaling strategy.
Funds will be used for business development, operations and technology.

Key Information

The business has the following outstanding business debt:

A business bounce back loan of £30,000 received in June 2020.

Funds raised as part of the this campaign will not be used to repay debt.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £4,348,475

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Seedrs Nominee). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

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