Press Release: Toronto, Canada, July 18th 2016

We are happy to announce the Canadian launch of Piggy the Bank.

Piggy the Bank is a grassroots fintech startup that’s out to change the way Canadians shop and save. By breaking down large purchases into automated smaller payments, we help our users buy big ticket items like electronics and furniture without interest payments, hidden fees, or personal debt. Why should people feel guilty about spending money they don’t have, when they can feel good about spending money they’ve saved up?

Co-founders Ryan Silver and Andy Garcia want to make it easy for  Canadians to save for important purchases and connect with businesses that are prepared to offer them the best possible deals.

Inspiration

Piggy the Bank Co-founder, Andy Garcia

Nearly 50% of all Canadians have credit card debt, and 24% are in so deep,  they’ll likely never get out.  “Most of us can stretch our paycheques to cover our monthly expenses, but we still need to live our lives,” says Garcia. “ When it comes to things we want, versus things we need, we tend to pull out our credit cards. The benefits are instant gratification and monthly payments, but the downfalls are sky-high interest rates and fees. We owe it to our future selves to find a better way to plan and save, and to stay out of the quicksand that is personal debt.”   

Co-founder, Ryan Silver

“Banks are great for RRSPs and TFSAs, but they aren’t geared toward multiple smaller accounts”  says Silver. “Other finance apps boast saving and goal planning, but that is where they stop and we start. The goal planning gets you in the door at Piggy the Bank, but we also aim to bridge the gap between your savings and your future purchases. As you save toward your goal, we match you up with retailers who are selling the items you are saving for so they can bid for your business. This creates the ultimate buyer’s market. It’s shopping, reimagined.”

Here’s how it works:

Piggy the Bank User Interface

Piggy the Bank is an app that creates an innovative real-time marketplace for buyers and sellers. The buyer plans their purchases by setting savings goals for specific items. They create a payment plan and connect a PayPal account. The buyer can gain rewards and cashback, and can directly purchase over 80,000 products including top brand electronics, furniture, and appliances through the app.

Piggy the Bank also represents an unprecedented opportunity for large-scale and local retailers. Our extensive database offers insights into shopping habits and future spending plans of key demographics. Piggy the Bank then uses this information to match the buyer with Canadian retailers. Retailers can target consumers directly by crafting offers based around their specific needs. It’s a win-win.  

Currently, Piggy the Bank is aiming to saturate the consumer electronics market in 2016, but plans to move into home, furniture, and vacation markets in the near future. Our goal is to help Canadians plan and save for all of life’s milestones and to help businesses reach and engage consumers within a whole new digital marketplace.

Shop Guilt Free with Piggy the Bank

Learn more at www.piggythebank.com
____

Media Contact:

Andy Garcia, Co-founder
416 902 0061
hello@piggythebank.com

Multimedia links:

Images & Video: http://blog.piggythebank.com/index.php/presskit