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Nate app: $38M Series A fintech startup you should keep an eye on

(TECHNOLOGY) The nate app combines the best of social media and shopping into one platform, streamlining the check-out process for hassle-free purchases.

African American woman holding iPhone scrolling through the Nate App homepage.

No one likes to hop around from store to store searching aimlessly in aisles for all of their necessary items. That’s why the big guys win, like Walmart, Amazon, and Target – they have all you need in one swoop! Users choosing to shop online feel the same way. Having to reenter payment, billing, and shipping information over and over again becomes a pain – or worse, a deterrent to purchase, resulting in cart abandonment- that’s where the nate app comes in.

Nate combines the best of social media and shopping into one platform.

The well-funded, series A startup utilizes artificial intelligence (AI) to complete purchases seamlessly without all of the fluff a user discovers when checking out at various online retailers. Once a user inputs shipping and payment information into the app during sign-up, nate keeps the data on file for subsequent purchases, virtually eliminating the time-consuming check out process. If a user sees a product they like from an online merchant, they simply have to “share” the item to the nate app, and it will take care of the rest.

Unicorner’s startup analysis states, “In essence, nate is bringing the benefits of shopping on a centralized platform like Amazon to a decentralized shopping ecosystem.”

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Brown leather wallet with tip of credit card sticking out next to a iPhone showing a shoe purchase on the Nate App.

With a nod to Pinterest and LikeToKnowIt, the platform allows for users to create visual product lists on a personal account that can be shared with followers. If a follower likes an item they see, they can purchase the item in-app in just a click or two.

In contrast to the big wigs of the social media world, the nate app hopes that users will purchase based on true inspiration and not a targeted algorithm suggesting what they should buy. Instead, the app runs its business model on a $1 fee for each transaction which covers the ability to issue virtual cards, protect online privacy, and apply available discounts.

The nate app simplifies gift giving as well. Users are able to select a gift item and enter the recipients phone number – if the recipient is a nate app user, it can be shipped directly – otherwise, they will receive a text asking them where to send their new gift! This makes it a perfect choice for the upcoming holidays (yes, 2021 is almost over…whew).

To stay up to date on everything nate, download it now on the App Store.

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Emily Drewry is the Web Producer at The American Genius. She holds two Business degrees in Digital Marketing & Advertising as well as Sales Management. She resides in the sunny Orlando, FL and embodies the heart of hospitality. When not working on web projects, she's probably at a theme park or thrifting her next trendy piece, iced coffee in hand.

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