Richmond fintech startup RoundlyX recently inked a partnership with digital ad-tech company Prizeout that will enable its users to round up their change into digital gift cards.
Richmond-based RoundlyX, formerly named Coin Savage, was founded in 2017 by Andrew Elliott and Will Trible to allow cryptocurrency investors to round their daily purchases to the nearest dollar, and apply the amount to their cryptocurrency investments.
Prizeout connects platforms like RoundlyX with brands like Amazon, Starbucks and Airbnb, giving RoundlyX users the chance to round that "spare change" into digital gift cards.
“In the past year, it’s been thrilling to partner with innovative companies like RoundlyX to make technology that works for different business models,” said Prizeout Chief Executive Offcer David Metz, “This partnership will set a precedent moving forward that Prizeout can play in any industry where users are looking for added value.”
Elliott said the partnership takes RoundlyX to the next level when it comes to serving its customer base.
"It fits into our broader strategy, which has always been more than traditional cryptocurrency," he said. "That spending or roundup vertical is something that will grow over time and help optimize our users' spending on things they’re already buying by acquiring gift cards with bonus value."
Elliott added, "We see spare change as one of those often forgotten about pieces of our lives. We’re all transacting everyday ... This is an amazing way to automate not only investing, but savings and spending now with this integration."
Additionally, the startup launched a system upgrade and redesigned website earlier this week that Elliott said is the next step in RoundlyX's next chapter of growth. Trible led the redesign effort.
"I think the redesign is huge," Elliott said. "We are a much more scalable platform now. Big fintech funds are very interested; and the opening of the (Prizeout) vertical is highly complimentary to the existing crypto vertical."
In April, RoundlyX closed an $800,000 seed round, led by CIT GAP Funds. In the last 12 months, Elliott said the startup has raised more than $1 million in capital.
