A Portland, Oregon startup has a fresh approach to credit card rewards. Bumped, a marketing technology firm, is receiving further funding for its credit card rewards program, which offers company stock instead of airline miles or other awards.
Startup Bumped Offers Stock for Credit Card Points
Bumped is a marketing technology startup looking to redefine what credit card rewards can offer. In a novel approach to rewards, the firm plans to offer stock in companies instead of other options, like merchandise, travel, or gift cards.
The startup has now added $16 million in backing from Silicon Valley venture capitalists – adding to the $14 million it raised two years prior. The $30 million in total capital is impressive by the standards of Oregon startups.
How Does Bumped’s Stock Credit Card Rewards Program Work?
So, how does the credit card rewards-to-stock program from Bumped work? The rewards program does not require a specific credit card. Although there are no particular credit card requirements, potential clients must sign up for a Bumped brokerage account. According to Bumped’s website, possible stock options include Apple, Nike, Gap, and more. Bumped charges fees on its exchange-traded funds.
“A Powerful Entry Point to the Stock Market”
The business model of Bumped is enticing credit card users to apply their rewards to stock – and then shape their spending to boost the performance of those stocks.
Bumped’s founder and CEO, David Nelsen, believes the startup is ideal for consumers looking to get into investments. “Bumped creates a simple but powerful entry point to the stock market,” Nelsen said in an announcement, “giving users the opportunity to not only make the most of their money now but to prepare for the future as well.”
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