Upsie is a new mobile app that is confronting the $40-billion extended warranty industry by questioning marketplace conventions and empowering consumers with information, access, and convenience.
The Upsie app provides users with reliable, transparent coverage and pricing options that can be browsed by product category or by scanning a barcode while shopping. Warranties can be purchased directly through the app. Coverage information, including receipts, is stored for easier management and tracking.
Within our Innovative Finance area of focus, we look for technologies that help disperse financial services outside of traditional means, for the purpose of financial inclusion. Upsie fits well because it seeks to combat the surprisingly predatory practice of warranty sales.
We’ve all been there before: we buy a new appliance or electronic, and the cashier kindly asks if we would like to purchase an extended warranty. It sounds like a great deal, just pay a little more and any problems we encounter are solved! Unfortunately, what that cashier doesn’t tell us is that we have options.
That is where Upsie makes a huge difference. The company is committed to making this process simple and empowering its users to shop based on price. For example, if you buy a gaming console the warranty you can buy from the cashier will be nearly 400% higher than a similar warranty from Upsie. That’s right, 400% higher for the same coverage.
How We Helped
We made an equity investment into Upsie through the Village Capital FinTech 2016 cohort. The investment comes alongside other investors and will fund their go-to-market strategy. This investment fits our initiative to promote financial inclusion by creating an innovate way to alleviate debt and improve access to better credit-based financial products