TipTop, the startup that provides on the spot money for electronics, is launching TipTop Store, a method for customers to buy and commerce in units. TipTop Store builds on the success of TipTop Money, which was launched late final 12 months. It lets individuals get on the spot payouts for digital units like smartphones, iPads, cameras, sport methods and extra.

Many individuals promote previous units in an effort to buy new ones, and generally they don’t all the time need the newest and costliest mannequin. Historically, customers flip to promoting platforms or use trade-in packages that always give reward playing cards that may be put towards a brand new buy.

TipTop desires to take away the effort by combining each side of the equation. Folks should buy new, open-box and refurbished units by way of money and trade-ins. “You will have this unified trade-in cart, which lets you commerce in something that you’ve,” the startup’s founder, Bastian Lehmann, instructed For Millionaires. Lehmann previously based Postmates.

“It doesn’t need to be from the identical model, it doesn’t even need to be a associated product,” he stated. “After which we do what we have now performed over the past 12 months, we immediately acknowledge the worth of the merchandise that you just not want, and you may then buy issues with a reduction as a result of we’re taking your trade-in worth into consideration.”

Prospects can commerce in an previous Samsung Galaxy for a reduction on an iPad, an Apple HomePod mini for a Nintendo Change or an iPhone for a Nothing cellphone. Prospects can even make a purchase order with out a trade-in.

TipTop processes the funds by way of Stripe and handles the deliveries. Not like on platforms like eBay and Fb Market, customers aren’t shopping for merchandise on TipTop from different customers, because the units are owned by the startup itself.

Lehmann teased that subsequent month, the startup will probably be launching a brand new product that can give retailers the power to run on the spot buying and selling packages.

Thus far, TipTop has raised $23 million in Collection A funding from traders, together with Andreessen Horowitz (Marc Andreessen is on the board), plus OpenAI CEO Sam Altman, AngelList co-founder Naval Ravikant and Pinterest, Coinbase and DoorDash board member Gokul Rajaram.