Bumped creates a simple but powerful entry point to the stock market, giving users the opportunity to not only make the most of their money now, but to prepare for the future as well.
PORTLAND, Ore. (PRWEB) November 11, 2020
After years in a controlled beta, Bumped launches today to create an ownership economy with a simple but powerful entry point to investing. More than 50,000 users have anticipated this day, and have been invited to the app from a waitlist; now, banked Americans can apply for an account and earn stock rewards when they shop with nearly 1,000 brands. Now, whether looking to be rewarded for buying everyday necessities or gearing up for holiday shopping, anyone with a Bumped account can turn a portion of their spending into an investment in their future.
Giving Main Street a Piece of Wall Street
Bumped tears down barriers to entry that inhibit many Americans from investing by creating an ownership economy. A $30 million Series A completed last year supports that mission, led by Canaan Partners, with Commerce Ventures, the Oregon Venture Fund, and the first-ever investment from Valor Siren Ventures, a joint venture created by Starbucks and Valor to identify leading innovation in food and retail technology. Other notable investors and advisors include leaders from some of the most prominent firms on Wall Street.
Turns Out, Ownership Inspires Change
During the pilot, which included more than 80 brands, the average Bumped user rewarded in stock showed a 43 percent increase in monthly spending on the connected cards, with a 1.5x increase in monthly visits to brands that rewarded them in stock when they purchased. Now, shopping online or in-store -- whether for groceries and gas, for gifts, or across dozens of other categories -- people can see some of that everyday spend come back to them in stock rewards.
As retailers and brands navigate a new reality of hyper competition at one end and less consumer spending on the other, they have an opportunity to establish mutually beneficial relationships with the customers they serve through Bumped. Because Bumped offers stock rewards for everyday spending, there’s no need to find extra money to start investing. As a result, Bumped brings a new path to access the stock market, letting people put themselves and their financial wellness on the shopping list.
How it Works
Bumped stock rewards work for anyone with a Bumped brokerage account — users can shop online with any card, or link theirMC or Visa card for in store shopping, layering onto whatever points or airline miles people may have. More than half of the American population currently does not participate in the stock market, with 55 percent saying the primary reason they don’t invest is because they "don't have enough money”. Bumped makes it easy; all people need to do is:
- Download the Bumped App: Available in both the Apple App Store and the Google Play Store, the Bumped App will request the information required to apply for a brokerage account - no minimum investment is required.
- Select Preferred Rewards: Once approved, users choose the stocks they’ll be rewarded in. Bumped makes it easy for folks to own what they love, because creating an ownership economy is the whole point.
- Browse Brands: From everyday spending like groceries or gas to more occasional home improvement or electronics and everything in between, Bumped makes it easy to earn rewards whether shopping online or in store
- Spend and Get Rewarded: As people spend, investing in the brands they love, they invest in their financial well being too, by earning stock rewards for those qualifying purchases.
- Invest - in the Future and in Beloved Brands: Bumped rewards are invested in a broad-based Exchange Traded Fund, augmented by fractional stock in favorite brands. Each purchase from a chosen brand pays rewards evenly distributed across the ETF and chosen stocks.
“The reality? Americans entered 2020 with too few having access to the long-term wealthbuilder of investment accounts, and the financial fallout of the pandemic has most people looking for ways to make each dollar stretch farther, while reaching toward a financially healthier future may seem impossible,” said David Nelsen, CEO and founder of Bumped. “Investing without requiring incremental spend is critical to helping people navigate the present and save for the future. Bumped creates a simple but powerful entry point to the stock market, giving users the opportunity to not only make the most of their money now, but to prepare for the future as well.”
Bumped is a tech company on a mission to create an ownership economy. The Bumped app gives consumers the power to turn their everyday spending into free stock ownership, and their suite of tools helps businesses reward their customers in fractional shares of stock. Bumped believes that we all create the economy together, and we all should have the opportunity to benefit from it.
The Bumped app and website are operated by Bumped, Inc. Brokerage services are provided by Bumped Financial LLC, member FINRA /SIPC . More about Bumped Financial LLC on FINRA’s FINRA BrokerCheck website.
Investing in securities involves risk, including possible loss of principal: Not FDIC Insured • No Bank Guarantee • May Lose Value. Past performance is not a guarantee of future results. Nothing on this site should be construed as an offer to purchase or sell securities.
Any market, economic and / or performance data shown is for hypothetical and illustrative purposes only. Data does not represent actual results. Participation is only for investors who understand and agree to the risks inherent in their Bumped Accounts. Only qualifying purchases made according to the terms and conditions are eligible for stock rewards. Bumped does not charge brokerage fees. Bumped reserves the right to restrict or revoke any and all offers at any time.
Investors receive shares of ETFs as rewards. Investors should consider their investment objectives, risks, carefully before investing. This and other information are found in the fund prospectus. Please read the prospectus carefully before you choose to invest.
Rewards are accrued for investment after qualifying purchases, but may be reversed if the qualifying transaction is later reversed. Bumped does not assume the risk of market movements for returned items or disqualified transactions.
Bumped Inc., its subsidiaries, agents, and employees expressly disclaim any responsibility for and do not maintain, control, recommend, or endorse third-party sites, organizations, products, or services, and make no representation as to the completeness, suitability, or quality thereof.
A few notes on fractional shares: they’re typically not transferable between brokerage firms. If you want to transfer your Bumped account, you may have to sell your fractional shares first. Fractional shares can’t be put into certificate form or physically mailed, nor do they have voting rights.