When it comes to innovative ideas to launch startup companies, people have spared absolutely nothing. From cat cafés to companies that help you break up with your loved one, this world has seen it all.
However, when one entrepreneurial man noticed a decrease in number of marriages and an increasing divorce rate, he decided to make some money off of it.
The Seattle-based startup SwanLuv, headed by CEO Scott Alvy, funds couple’s weddings free of charge, but only if they remain married. If the couple decides to part ways, they not only have to pay back the company the initial amount paid toward the wedding, but they also need to pay additional interest, which is based on the company’s algorithm software.
Interestingly, the stronger your relationship, the higher the interest rates.
Termed as a “casino for marriage” by Alvy, the company offers couples up to $10,000 to fund their dream wedding.
The website is all set to launch in February and using it is as easy as simply signing up for the unique service, provided the couples get married within two years of signing up. Although it may seem like the company is cashing in on couples' divorce misery, the site is also working toward offering free marriage counseling.
The CEO said SwanLuv is also looking into adding a few other stipulations to users’ contracts such as including a clause that makes one party liable to pay off them entire amount in case the marriage fails due to abuse.
The company is currently accepting applications and hopes to get many couples together around Valentine’s Day.
“It really depends on where you are in your relationship,” Avy told GeekWire. “I’m betting on my relationship I’ve established with my soulmate.”
Only time will determine the success of this startup but for now it seems to be a pretty good catch for those who aren’t sure of their relationship.
“It’s going to be a no-brainer for the ones it makes sense for,” he added.