Sift, a free application that ensures credit card customers reap the full benefits of their cards, announced a $1.5 million seed round last week, as well as the public release of its app for iOS in the App Store.
According to Finextra, Sift earns reimbursements for consumers who are unfamiliar with some of the “hidden benefits” of their cards because they’re buried in credit card policies and are often complicated or hard to decipher.
The app can secure price adjustment refunds, extended warranties, return protection and more from 90 percent of all credit cards in the United States by automatically analyzing available policies and filing claims on behalf of 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,” 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 the help of this latest round of funding, Sift plans to boost its offerings and expand into travel-related benefits, including reimbursements for stranded travelers and lost luggage, trip cancellation insurance and more.
“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.”