Save as you spend company Ffrees Family Finance has acquired one of the country’s leading concessions website for the over 50s in a deal worth up to £100,000.
Sheffield-based Ffrees has acquired Leeds company OscarUK.co.uk.
Ffrees, launched last year by Alex Letts, provides users of its services with a “virtual account” with MasterCard.
Customers transfer money from their bank account into the virtual account and then buy products and services from Ffrees partners, who include leading high street retailers using a “pre-paid card”, which looks like a conventional credit or debit card.
Every time they spend money, the retailer transfers an amount into a savings plan, allowing them to build up Ffrees credits which can later be converted into money.
Oscar was founded in 2004 and runs a free online consumer service, based around a central database of discounts, concessions and information on a wide range of subjects including holidays, days out, transport and finance, aimed at the over 50s.
Ffrees Alex Letts said: “With over 21 million over 50s in the UK, it is this age-group that can be hit hardest by falling interest rates and stock market threats to pensions, particularly as the economy struggles to recover.
“OscarUK is regularly voted in the top UK concessions sites and its addition to Ffrees is a key step forward in our ambitious expansion plans.
“Our aim is to make a difference to UK families by providing them with a smarter way to save for the future from their household spending. OscarUK, with its database of concessions and discounts, is a natural fit for Ffrees and OscarUK members will also be able to immediately access a wider range of deals to help them save a nest egg for their retirement.”