While there are other price-tracking apps on the market like Camelcamelcamel and coupon apps like RetailMeNot, the founders said their company is currently the only one-stop shop for refunds. "No more price drop 'alerts' when you are owed money, Paribus actually gets it for you," Glyman told CNBC.
Americans are expected to spend $350 billion in 2015. Glyman said his company is on pace to process $100 million in purchases and so far has successfully reclaimed hundreds of thousands of dollars. However, he would not disclose an exact amount.
According to the founders, the company has more than 50,000 users, and they are investing revenue into technology and customer acquisition.
Paribus launched in July 2014 at TechCrunch Disrupt NY and has raised $2.2 million from General Catalyst, Greylock, Y Combinator, Slow Ventures, Foundation Capital, Soma Capital, Conversion Capital and One Zero Capital.