Upromise

About Upromise

Upromise operates as a loyalty rewards platform focused on helping individuals save for significant life events, with an initial focus on college education. The company was founded in 2000 by Michael Bronner, David Fialkow, and Jeff Bussgang, following congressional legislation that established 529 plans, which are tax-advantaged savings accounts for education. The Upromise Rewards program was launched in 2001. Over its history, the company has undergone several ownership changes; it was acquired by Sallie Mae in 2006 and later by the loyalty marketing company Prodege in May 2020.

The business model centers on a free-to-join platform that enables members to accrue cash back rewards from everyday spending. Upromise generates revenue through affiliate partnerships with a vast network of online retailers, restaurants, and service providers. When a member makes a qualifying purchase through the Upromise portal or with a linked card, the partner company pays a commission to Upromise, a portion of which is then shared with the member as a cash back reward. The platform serves consumers across the United States who are looking for ways to augment their savings for goals like education, retirement, or paying down student loans.

The core service allows members to earn cash back through various activities, including online shopping via a browser extension, dining at over 10,000 participating restaurants, purchasing digital gift cards, and completing surveys. A key feature is the automatic transfer of accumulated rewards (once a minimum threshold, such as $50, is met) into a linked financial account, which can be a 529 college savings plan, a standard checking or savings account, or a student loan account. Additionally, Upromise offers a co-branded Mastercard issued by Barclays, which provides an elevated cash back rate of 1.529% on all purchases when the account is linked to an eligible college savings plan. The program also includes a monthly scholarship drawing, where five members can win $529 each.