Earny, an app that claims to save users more than $400 a year, today announced that it has raised $9 million to double the size of its team and expand its savings tracking tool beyond ecommerce to travel.
The price protection policies of some large retail companies compensate customers if a product price drops after a purchase. Earny works by connecting with your bank account, email inbox, or credit card to find purchases made within 90 days and search for price changes. It is thus able to get money back after purchases were made from companies like Nordstrom, Costco, Kohl’s, or Wal-Mart.
Amazon customers, for example, get back 7 percent of money spent each year, said Earny CEO and cofounder Oded Vakrat.
In addition to growing its team, Earny will use the funding to enter the travel industry vertical.
“We will be able to get you money back on your hotel reservation … every time you book a hotel room, we will track prices online to find you a cheaper price. And if we ever find a cheaper price before your arrival, you will get some money back,” Vakrat told VentureBeat in a phone interview.
Earny keeps 25 percent of money saved through refunds it is able to retrieve for customers.
Also today, Visa credit card holders can use Earny to track all purchases from major retailers for the first time.
The $9 million round was led by Mayfield, with participation from Comcast Ventures and Science Inc., bringing total investment in Earny to $11.5 million since the company’s launch in 2015. Earny is based in Santa Monica, Calif. and currently has 18 employees.
Since launching in iOS and Android stores earlier this year, Earny has joined a suite of personal finance services, such as Trim and Digit, that promise automation for savings or money back opportunities.
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