TipTop, a startup that offers instant cash for electronics, is launching TipTop Shop, a way for users to buy and trade in devices. TipTop Shop builds on the success of TipTop Cash, which was released late last year. This allows people to instantly receive payments for electronic devices such as smartphones, iPads, cameras, and gaming systems.
Many people sell their old device to buy a new one, but you may not necessarily want the latest, most expensive model. Traditionally, consumers rely on sales platforms and trade-in programs that offer gift cards toward new purchases.
TipTop wants to eliminate the hassle by combining both sides of the equation. Buy new, unboxed, or refurbished devices with cash or trade-in. “We have an integrated trade-in cart where you can trade in anything you own,” the startup's founder Bastian Lehmann told TechCrunch. Lehman previously founded Postmates.
“They don't have to be from the same brand or even related products,” he says. “We then do what we did last year, instantly recognizing the value of items you no longer need and taking trade-in values into account, allowing you to purchase items at a discount. .”
Customers can trade in their old Samsung Galaxy for a discounted iPad, trade in their Apple HomePod mini for a Nintendo Switch, or trade in their iPhone for a Nothing Phone. You can also purchase without trading in.
TipTop processes payments and handles shipping through Stripe. Unlike platforms such as eBay or Facebook Marketplace, consumers do not buy products from other consumers on his TipTop, as the device is owned by the startup itself.
Lehman teased that the startup plans to launch a new product next month that will allow merchants to run instant trading programs.
To date, TipTop has raised $23 million in Series A funding from investors including Andreessen Horowitz (with Marc Andreessen joining the board), OpenAI CEO Sam Altman, and AngelList co-founder , Naval Ravikant, and Gokul, who is a board member at Pinterest, Coinbase, and DoorDash. rajaram.