The newly launched SavingStar web, iPhone and Android apps reward consumers with cash back when they redeem paperless coupons, and the startup believes it can cut through the mobile coupon clutter with a product that mirrors how consumers purchase groceries on a regular basis.
Here’s how it works: A SavingStar user signs up and enters his or her grocery and drugstore loyalty cards. He can then browse ecoupons from more than 100 merchants and click on them to link them to loyalty cards. Then, when the customer buys the items in questions, the savings are posted to the SavingStar account.
The user can choose to deposit accrued funds to a bank account, transfer the money to PayPal or Amazon gift cards, or donate the savings to charity.
The SavingStar experience works via web or mobile, and it’s an approach that appears to be resonating with consumers. Just three weeks after releasing its mobile apps and website in late April, SavingStar crossed the 100,000-user-registration mark, the company told Mashable. It’s now also signing on upward of 10,000 new users per day.
Investors First Round Capital and Flybridge also see the value — perhaps less in ecoupons and more in the startup’s growing collection of UPC data — and have participated in both of SavingStar funding rounds. SavingStar has raised $10 million to date.
More Info | Mashable