Number of employees: 1-5
Short URL: vator.co/reeelit
Reeelit enables shoppers to save in daily installments for what they want, while looking for deals. No debt, No guilt, just buying what you want, with your own cash.
We're giving a younger generation that is aspirational, but doesnt have the financial means, an empowerment tool that will allow them to make the unaffordable, affordable. The ability to experience the satisfaction of being able to own what they love—without getting into debt—while guiding them in the importance of using their money smartly.
How will you make money?
Retailers pay us an affiliate fee.
What problem are you solving?
Millennial’s shopping aspirations DON’T MATCH their financial reach. Many graduate full of debt, have entry level salaries, and don’t trust financial institutions. Yet, they still aspire to have quality products and experiences.
We are rethinking the way people shop, by giving shoppers the financial empowerment they need to use their own cash flow to buy smartly. No debt. No guilt.
What makes Reeelit unique?
Reeelit is all about getting you to your end goal smartly and with ease. We believe that anything you want—no matter the price—is hidden in your finances. By combining automated savings and price alerts under one experience, we’re allowing users to make their money work for them, while a better deal comes along.
How it works?
WANT IT. Find what you want from your favorite shopping site, copy the link and add it to a New Reeelit
FUND IT. Connect your bank account and decide how much to contribute daily. While you save, we’ll keep an eye out for deals.
REEELIT. When your item is fully funded, we will instantly issue a virtual card with the funds.
How do you connect with someone’s bank account?
We use PLAID and STRIPE to securely process payments. It’s the same technology Venmo, Airbnb and Uber uses. We do not store any of the users banking information.
Are you charging consumers?
Absolutely not. Reeelit is a free service for shoppers.
What’s the average saving time?
30 days. In some cases people invite friends to chip in and timing is considerably reduced.
What type of products are people saving for today?
We have users saving for a pair of $130 Nike shoes all the way to a $1500 Burberry Trench coat.
What happens when something you’re saving for goes out of stock?
We currently don’t have access to retailers inventory. Our priority is making our users happy. So, if the item they want goes out of stock, we'll suggest similar items, or return their money, if requested.
Why is this appealing to Retailers?
Cart abandonment is one of the biggest issues for retailers. 80% of shopping carts are abandoned mainly because of monetary reasons. While at checkout, users start feeling guilty about spending the money they don’t really have. Reeelit converts a shopper that was not going to buy into one that can close that purchase overtime.