Sift Receives Additional $1.5 Million in Funding
The app reimburses people for card benefits of which they may be unaware, including extended warranties, price adjustments and return protection. According to the company, many people are not taking advantage of these perks because they are buried in their card’s terms and conditions. The app works with 90% of all U.S. credit cards by analyzing policies and automatically filing claims on behalf of its users.
“In our Beta testing, we have saved users hundreds of thousands of dollars and estimate users get back over 5 percent of their spend[ing],” said Abhinav Dubey, co-founder of Sift. “This round of funding will help us grow our user base as well as continue to develop ways in which we can level the playing field for consumers.”
With this additional funding, Sift will expand into travel-related benefits, including reimbursements for trip cancellation insurance and lost luggage.
“The Sift app has an opportunity to turn the credit card experience upside down,” said Joe Montana, Managing Partner at Liquid 2 Ventures. “Although everyone pays attention to the rewards and cash back on a card, Sift is bringing the hidden benefits front and center and building a new experience around this that can change the industry.”