Uptip
Uptip is reinventing tipping, driving value for service workers and customers
$61,608
Highlights
Our Team
Pitch
We love tipping!
Tipping encourages great service and provides essential income for workers. But tipping is in jeopardy since physical cash is disappearing from our lives. Uptip is fixing that.
Giving and receiving cash tips, an $18 billion per year business in the US, is ripe for upgrade in a post-pandemic cashless world.
Tipping is facing headwinds
How many times have you been in a position where you felt obligated to give a tip but didn’t have the correct change or currency in your wallet? Odds are the person who provided the service to you got stiffed. That’s not good. According to a recent study by the Federal Reserve Bank of San Francisco, cash use in 2020 accounted for 19 percent of all payments, down seven percentage points from 2019.
Service workers are often paid minimum wage and count on tips to supplement their regular pay. Since fewer people are carrying cash, workers are seeing their tip income decline. This comes at a time when rampant inflation is taking a bite out of household budgets.
Here are some of the problems with cash tipping:
- Tips are declining since fewer people carry cash
- Workplaces, such as hotels, parking garages, salons or cafes, do not have visibility to the amount of tips given
- There is often no feedback on service quality offered along with the tip
- Customers do not get receipts for cash tips
Uptip's Solution
Uptip has created a frictionless, touchless, smartphone-based replacement for cash tipping.
Uptip features include:
- Touchless smartphone-based tipping platform
- Zero app onboarding via QR codes
- Tip suggested or custom amount
- Integrated 5-star rating system
- Masked contact details for workers and customers
- Secure payments via default wallet on smartphone or credit card
- Reporting for workers & manager
- Receipts for customers and their employers
Wanna Try?
Scan the QR code below with your smartphone's camera app. If you're on your smartphone now, click this link for the same experience: Uptip Demo.
Benefits
We have identifies four key stakeholders in tipping: the worker, customer, workplace and enterprise. There are benefits to using Uptip for each of these.
More tips with Uptip
Uptip is helping workers earn significantly more income, even after uptip’s fees and any additional declared taxes.
Competitive Landscape
Uptip has developed an innovative and unique product. We are keenly aware of the competitive landscape, focusing our attention where we can scale most efficiently.
Market Potential
- $18.2 billion in cash tips are paid to workers in the US *
- 3-5 million people are in professions that regularly receive cash tips *
- 80 million estimates tip payers willing to use mobile app
* excludes the full-service restaurant industry
Uptip projections, by 2026
- Process $920 million in tips, ~5% of the TAM
- Serve a base of 10,000 SaaS subscribers
- Generate $85 million in revenue
Traction
Uptip is already doing business with hotel and valet parking companies! We are live now in 8 hotels and have commitment to deploy in 84 more. Uptip launches with a major valet parking company this quarter and a casino next quarter.
Outlook
- uptip is reinventing global tipping, driving innovation, convenience, service quality and transparency into the service industry
- Uptip empowers workers, adding value, recognition and accountability to tipping by integrating a feedback and rating system.
- uptip drives key employer metrics including staff retention, service quality and positive customer reviews.