A new payments startup in Chicago wants to reward you for not just how you spend money, but how many hours you spend playing video games.
Tiv, a startup that recently launched out of stealth mode, is a banking app that's developing debit and credit card products designed for gamers. It's aiming to create better financial products for video game players, which reward them for time spent gaming.
Tiv will allow gamers to sync up all their gaming accounts across PC, console and mobile, and start earning points for every hour they spend gaming. Users can redeem points for cash, games, gaming hardware and other rewards.
"The time I spent playing four hours of Call of Duty last night will impact and increase my rewards rate when I'm at Jewel later today," said CEO and co-founder Jed Strong, who previously worked at Xbox helping lead its strategic partnerships. "Our vision is to create and offer products that are a better reflection of who you are and what you do, not just what you spend."
The genesis of Tiv began when Strong's fellow co-founder JP Pillat got married, and his wife saw just how much money he was spending on video games. Pillat was determined to fund his gaming hobby solely through credit card rewards, but couldn't find an existing rewards card that fit his needs, Strong explained.
Tiv is planning to launch a beta product later this year with a public card launch planned for the fourth quarter of 2021. To kickstart growth, the startup recently raised $3.5 million from 4490 Ventures and Silverton Partners.
Americans spent a record $57 billion on video games in 2020, which is up 27% from the year before. Strong believes that Tiv is well suited to serve this growing group of gamers who are looking for a better financial product that fits their lifestyle.
"We're taking someone's passion, in this case a virtual passion, and translating it into real monetary value in the physical world," Strong said. "Tiv will recognize you for who you really are. That’s going to form a real strong sense of loyalty within the gaming community."
