# Upromise

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/upromise

- Industry: Education/Training
- Headquarters: Newton, US
- Website: www.upromise.com
- Total disclosed funding: $55M
- Latest round: Series B (Feb 28, 2005)
- Investors on record: 6

## About

Upromise is a rewards program designed to help families earn cash back towards education expenses through everyday spending, enhancing financial support for higher education.Upromise operates a cash-back rewards program that assists families in saving for educational costs. Founded in Newton, US, the company has undergone strategic shifts to align its services with the needs of parents and guardians. In August 2006, Upromise was acquired by Sallie Mae, a notable development in its corporate trajectory. The company has raised a total of USD 55.00 mn through its Series B funding, led by Hellman & Friedman, with participation from several other investors including CRV, General Atlantic, General Catalyst Partners, and Goldman Sachs Merchant Banking Division.Upromise primarily focuses on providing a rewards program that helps users earn cash back towards various savings goals. This program is designed for families looking to save for education expenses, allowing participants to accumulate rewards from everyday spending. The platform integrates with a network of retailers, restaurants, and online services, enabling users to earn cash back on qualifying purchases. Upromise's offerings are particularly aimed at parents, guardians, and students, who are seeking to offset the costs associated with higher education. The service operates in the United States, catering to a diverse customer base across multiple states, providing a solution for families wanting to save for college tuition and other educational costs.Upromise generates revenue through partnerships with a wide range of retailers and service providers who contribute to the cash back earned by users. The revenue model is based on transactions that occur when customers shop at participating merchants, allowing Upromise to receive a commission on these transactions. Users engage with the platform by linking their credit or debit cards, making purchases, and subsequently earning cash back, which can be directed towards their specified savings goals. The structure supports both direct-to-consumer transactions and B2B partnerships, fostering a network that benefits both users and participating companies. Pricing plans are structured around the commission received from merchants rather than from users.In August 2006, Upromise was acquired by Sallie Mae, which may influence future growth strategies. The company is likely focusing on enhancing its rewards offerings, although specific upcoming products or release dates have not been disclosed. Expansion plans into new markets are also anticipated, although specific regions and timelines have not been detailed.

## Funding rounds

- Series B, Feb 28, 2005, $55M — CRV, Hellman & Friedman, Kleiner Perkins, General Catalyst Partners, General Atlantic, Goldman Sachs Asset Management

## Investors

- CRV (https://capitalatlas.ai/funds/crv) — Series B
- Hellman & Friedman (https://capitalatlas.ai/funds/hellman-friedman) — Series B
- Kleiner Perkins (https://capitalatlas.ai/funds/kleiner-perkins) — Series B
- General Catalyst Partners (https://capitalatlas.ai/funds/general-catalyst-partners) — Series B
- General Atlantic (https://capitalatlas.ai/funds/general-atlantic) — Series B
- Goldman Sachs Asset Management (https://capitalatlas.ai/funds/goldman-sachs-asset-management) — Series B