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