Forum Topics Upstreet
NewbieHK
5 months ago

Upstreet Update:

fba50b836506db9151f0da56247ad636050049.png

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Bradbury
5 months ago

An update on the Upstreet potential successor. Looks like Rewardle has taken up the reigns.


https://thesentiment.com.au/rewardle-enters-the-microinvesting-space-with-bargain-upstreet-buy/



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NewbieHK
2 months ago

Just linked my upstreet account and it’s all there. The ASX release provides further details. Seems like it will be good to go once the new PDS is completed. You can then either stick around or cash out.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02723365-6A1173345?access_token=83ff96335c2d45a094df02a206a39ff4


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reddogaustin
2 months ago

I've also downloaded the rewardle app and linked my upstreet.

My upstreet value is still there!

I'll be cashing out once given the chance. Rewardle seems too...hyper-commerialised? Is that the adjective i'm looking for? It feels yuk.

Also, they never provided me a tax statment for FY22-23. They didn't even reply to my email. So yeah. I don't like 'em.

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Strawman
6 months ago

We've reversed any redemptions that were made to UpStreet since the start of September.

Members had reported that these transfers were still showing as "pending" on UpStreet so it looks like they were never allocated to the fund.

As always, let us know if you have any questions.

16

Bradbury
2 months ago

@Strawman Have you had any updates on what is going on with Upstreet / Cache / Rewardle?

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Strawman
2 months ago

Nothing as yet @Bradbury. It's not unexpected it's taking so long, but that makes it no less frustrating.

I was hoping to enlist Raiz to help us with our award program but they are dragging their feet somewhat.. I'll keep pushing.

9

NewbieHK
2 months ago

Dear Upstreet Fund Investor,


As previously advised, the Upstreet Fund will now be accessible with Rewardle Holdings (ASX: RXH). You can learn more about this development here: www.rewardle.com/ASX/UpstreetAcquisition


You can now reconnect to your account using the Rewardle app by following these steps:


1. Download the Rewardle app

2. Create an account and login

3. Tap the "Investing" icon and follow instructions


We're here to help if you have any trouble, just email fund@rewardle.com.


Once your account is connected, you'll be able to check your balance, review transaction history and redeem your investments from the Upstreet Fund.


While our priority has been to provide you with the opportunity to withdraw from the Fund, we'd love to see you stick around and continue your investing journey with Rewardle.


We are working with Cache to prepare a new Product Disclosure Statement. Once the new PDS is made available, we can start accepting new investments into the Fund, including new reward offers from participating partners.


Kind regards,

Ruwan from Rewardle

7
Strawman
6 months ago

So I just spoke with Christian from Upstreet, and have sent an email to all Strawman members that have transferred credits to them previously.

The email is:

Sadly, we learned today that Upstreet, one of our Member Awards Program partners, has gone into administration.

Obviously, this means that you can no longer redeem your awards credits through UpStreet.

However, our Awards program will continue and you still have the option to use your credits to offset membership fees, or donate them to charity via our partners at Trade for Good.

As we understand it, any funds you have with UpStreet will be returned to you once the underlying fund is wound down. (It's important to stress that any investments you had through UpStreet were held in trust via a third party custodian.)

If you have previously claimed any credits through UpStreet, they will be in contact with you directly in regard to the specifics. But if you have any questions we are of course happy to help where we can.

It's disappointing news, and our condolences go out to the UpStreet team who worked hard to try and make a success out of an innovative product idea. We really couldn't have hoped to issue real world securities without them.

Let us stress that this has no impact to Strawman which is, of course, a completely separate organisation. We look forward to continuing to serve you, our valued members.


So the key thing to underscore here is that funds will not be lost, but it may take some time for the fund to be wound down. And there will likely be some transaction costs to account for.

We'll see how it all plays out, but if there's any material loss due to windup costs (which shouldn't be the case) I'll make sure we add extra credits to your Strawman balance.

It's such a shame, we looked far and wide for a service that would allow us to transfer real world value back to members that didn't involved onerous taxation and legal obstacles (it's a nightmare), and UpStreet was easily the best solution we could find. Frankly, they were the ONLY solution that was tenable. We'll see if there's anything else that lets us do something similar, and please reach out if you know of anything.

If you have any questions, you can contact the administrator here: upstreetinvestors@cacheinvest.com.au

And, of course, please hit me up if you have any questions from a Strawman perspective.

32

BoredSaint
6 months ago

I think Raiz invest have a similar program where you can get cash back from purchases that are invested into a portfolio of ETFs. Not sure if you can invest it purely into a singular ETF but they have updated recently to include individual stocks as well.

Disc: Do use Raiz for some ETF exposure but don’t own any RZI shares

13

Strawman
6 months ago

Ah, yeah that is definitely worth exploring. In fact we spoke with the CEO last year, so I'll reach out and see if they can help us out.

Good suggestion @BoredSaint

11

Jimmy
6 months ago

....just off the top could RAIZ be one option?

4
NewbieHK
6 months ago

Hi Andrew. I went in to check my Upstreet account and when I checked to see if this months distributions went in it says - “straw-man temporarily suspended”. I have spoken to others who said it’s been like this since Friday.

They haven’t gone belly up have they?

9

Strawman
6 months ago

whoa -- I hope not!

Just about to do the Cobram meeting, but will chase this up straight after. Thanks for the heads up, and apologies for the issue.

I'm sure it's just a technical glitch somewhere, but whatever happens we will of course make sure those credits are not lost.

9

innuendo
6 months ago

I've just signed up Upstreet to collect my first months' credits and nothing in there seems to be working. Curious to find out what happened!

8

Jimmy
6 months ago

Also just checked and all looks to be ok with all credits visible and available. It's only showing that the August credits are "still pending"

6

NewbieHK
6 months ago

Hi @Jimmy. My credits for Aug has not gone through. Normally it would be pending for a few days but there is no pending transaction. When I then click on the “details” tab I get the message below. I just checked and I am getting the same message for all the companies that I transact through Upstreet. Also I am finding you can’t currently transact (purchase online products) through Upstreet.

8f51eb216d714c354e4966294e7db46a320234.png


9

Chagsy
6 months ago

As an aside their moonshot offering hasn’t worked for months. My conclusion is that they are in trouble

would be happy to be proven wrong!

11

Bear77
6 months ago

Agreed @Chagsy - it doesn't look good at all. Here's some background from March 2022: Upstreet raises $3m led by Albert Tse’s Wattle Hill Capital (afr.com)

0db506ae0b4c0b3b489b45d284d20a35bab7c8.png

Upstreet co-founders and husband and wife, Christian Eckleman and Sabine Tejerina, are shaking up the loyalty scheme market.  Photo: Timothy Whale


Here's a portion of that article from March last year:

In 1998 Mr Eckleman created a start-up selling wine – wein.com – in his native Germany when he was 16 before selling out and working in IT, and later joined McKinsey & Co as a manager in restructuring.

Sabine Tejerina, a former associate partner at McKinsey & Co and Upstreet chief operating officer, said there are numerous women who do not own shares because they don’t know how or have the time.

“I’m passionate about what we do because we help people start on their journey towards share ownership,” she said.

“According to a study by Investment Trends, only 18 per cent of Australian investors are women. And yet, 70 to 80 per cent of the consumer purchases are done or influenced by women. We are creating true, sticky loyalty by making the customer the owner.”

The mobile and desktop platform has raised $4.9 million since it was established in 2019.

The latest funding round was led by Albert Tse, founder of Wattle Hill Capital, which owns Capilano Honey. Mr Tse was also an early backer of Bubs infant formula group.

“The way Upstreet has utilised their application and expanded beyond just retail and developing sophisticated employee rewards programs showcases the versatility and opportunity of the start-up,” Mr Tse said.

Other new investors include Kelly+Partners Investment Office, partners from McKinsey & Co; entrepreneur and Mad Paws CEO Justus Hammer; Ominlab Media executive chairman Christopher Mapp and Bell Potter’s equity capital markets, boss Hugh Robertson.

“There’s no one doing anything like it in Australia,” Mr Robertson said.

“Brands are fighting to secure customer loyalty and shoppers are looking to get more out of the shopping experience with the brands they already know and love; Upstreet is bridging that gap in a truly unique and rewarding way.”

The new funds will primarily be used to bring in new partners and deliver co-marketed campaigns to new audiences. Upstreet is already eyeing international expansion to be able to offer shares in companies listed in London and Paris.

“We are looking at international expansion, especially in places like Europe and south-east Asia,” Mr Eckleman said.

--- end of excerpt ---

15

reddogaustin
6 months ago

I have a bunch of $4 and $10 holdings from moonshot winnings. I just tried to sell-up on all of them... and the app won't let me complete any sales...

And you're right @Chagsy moonshot hasn't worked for months. I keep badgering the support desk and they keep replying with "soon".

Combined with the 'red suspension' signs.. thats three warning shots for me!

Blood in the water! Panic!*



*part sarcasm, but real.

14

Strawman
6 months ago

Still waiting to hear back from UpStreet..

It is a bit concerning but am pushing hard to get a definitive response today.

We disabled UpStreet transfers from Strawman for now (I don't want fresh money going there until we know what's going on).

As soon as I get a response I'll be sure to let you know what the situation is.

18

CHill
6 months ago

That explains it.

16079810b6cdf3c1f6707d2883185b1f1025da.png

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Bradbury
6 months ago
12

NewbieHK
6 months ago

I just heard from someone who heard from management that a couple of the big companies didn’t sign back up so this effectively ended it. I am guessing (hope) they can sell the shares they hold on behalf of us and distribute the funds.

11

Bradbury
6 months ago

Yeah I noticed this with Booking.com which disappeared from the list awhile back. This was the only store I used for purchase through the platform. I still have "cashback" shares pending from a stay in early August.

11

reddogaustin
6 months ago

9e49563f4b1c254e5b60d8884a11901b2580b9.jpeg


Rude. Bloody tech start-ups!

8

loshell
6 months ago

Corporate re-branding complete!

8fd400163670668f6d85d110ef0a75ccf2b9d8.png

[Apologies to those caught up in the collapse... I couldn't help myself]

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Strawman
6 months ago

Ha! Yeah I'll pay that @loshell :)

5

thunderhead
6 months ago

Always the fear with this young and hip upstarts. I have my ETF holdings with Stake because of the cheap brokerage, and this concern is always on the back of my mind - I wake up one day and get a notice like this :)

4

BoredSaint
6 months ago

Stake is CHESS sponsored though. So much easier to transfer to another broker in case it goes belly up.

I have been monitoring RZI and noticed that they have $8m in the bank after burning around $8m last year… Not saying it’s going bust but definitely weighing on my mind as to whether to pull my funds out before anything like Upstreet occurs. Unlike Upstreet though, they are listed and can raise capital if needed I guess.

13

thunderhead
6 months ago

Yes, that's right. Will still be a pain if that happens though, with transferring your CHESS holdings into another brokerage etc.

4