Basiq has partnered with Upstreet, an app that enables customers to earn share rewards as they shop with their favourite brands.
When it comes to investing, consumers face three main barriers: awareness, access and affordability. Upstreet increases the accessibility of the share market by combining shopping, rewards and investing, to help consumers achieve share ownership with their favourite brands - at no extra cost.
With Upstreet, users simply need to make a purchase with a participating brand and they will be rewarded in direct shares of that company. Unlike traditional investing, where brokerage and management fees make investing small amounts impractical, Upstreet's “fractional share rewards,” provide a fee-free way of building a diversified portfolio.
This is done through the Upstreet Fund, which is portioned out so that even when users don't earn a whole share in a single shop, they are able to achieve fractional share ownership - ownership representing part of one share. Every time a user shops with a participating brand through Upstreet, their portfolio will diversify to reflect their shopping habits.
Automating share ownership with financial data
Upstreet uses Basiq to automate share rewards and make the experience of building a share portfolio effortless. Through Basiq users can easily and securely link spending accounts from +100 financial institutions to the Upstreet app. This provides real-time visibility into spending which means Upstreet can automatically process and add relevant share rewards into a user's portfolio as they happen.
For new users worried about missing out on share rewards, Basiq also enables Upstreet to look back at transactions over the preceding two weeks to calculate and process any earned share rewards within 3-5 working days.
Upstreet CEO, Christian Eckelmann, says the coolest thing about Upstreet is its ability to affect wider-scale change in democratising the share market.
“Upstreet allows everyone to actively participate in the economy they’re helping build. By democratising access to the share market in this manner, we are simultaneously making the everyday shopper more valuable to brands whilst also making shopping more rewarding than ever before. It’s a true win-win scenario for people and brands.”
For retailers, Upstreet can encourage customer loyalty by allowing them to reward customers in a more meaningful way than competitors. Upstreet has recently welcomed +100 participating brands so that customers will be able to turn an even larger portion of their everyday spending into shares. For the full list of brands, head to the Upstreet website.