Upromise operates a multi-company loyalty program which allows members to direct their everyday purchases to selected vendors to earn cash rebates in a tax-free savings vehicle to finance their children's college education. Upromise also offers its own 529 College Savings product sponsored by the State of Nevada directly to its customers, in partnership with Vanguard. Upromise also administers 529 College Savings Plans for key states. In October 2000, HFCP IV invested $37.2 million (out of a total financing of $55 million) in Upromise as part of a second round of financing that included other financial investors. HFCP IV sold its investment in Upromise in March 2006.