Ups the Recreation on Boring, Low-Curiosity Financial savings with Assured Prize Cash Each Month and Referral Program so Clients Save and Win with Associates and Household
A majority of Individuals are at monetary danger and the necessity for the safety of financial savings is much more evident throughout this 12 months. PrizePool reimagines financial savings and creates a brand new option to incentivize Individuals to construct a greater monetary basis. Launched at the moment, the corporate introduced a seed spherical of $4.25 million led by Confederate, Bling Capital, Coatue, SciFi VC, and World Innovation Lab, amongst others.
Greater than half of Individuals wouldn’t have the financial savings to cowl an emergency expense of $1000, residing paycheck to paycheck with no reserve for ‘what if.’ Nonetheless, a majority of Individuals spend cash on the lottery each week within the hope of an enormous win. The precise odds of profitable with the lottery and scratch playing cards are very low. Nonetheless, individuals in the USA spent greater than $91 billion on lottery tickets in 2019, in accordance with the North American Affiliation of State and Provincial Lotteries.
“Now greater than ever, Individuals have to be saving cash to guard their future,” mentioned Frank Chien, co-founder and CEO of PrizePool. “However we all know that saving could be laborious to prioritize, and our objective is to cut back the barrier to saving cash by making it enjoyable in two distinctive methods. First, we assure a complete of $50,000 in actual cash prizes each month, and second, our referral program makes saving a social exercise — so to save and win collectively.” Chien and his co-founder, Joe Woo, offered their first firm, LearnSprout, to Apple in 2015.
Assured Month-to-month Prizes that complete $50,000
PrizePool ups the sport of at the moment’s boring, low-growth, financial savings accounts. It offers clients a brand new, enjoyable place to save lots of — one the place their cash is their likelihood to win actual cash prizes assured to complete $50,000 each month. PrizePool pays out a $25,000 Grand Prize every month, together with 1000’s of smaller prizes. A brand new model of prize-linked financial savings, PrizePool feeds the need that folks have ‘to play and win’ however does in order they save, without charge or danger to clients. All deposits are FDIC insured, by Evolve Bank & Belief, and there aren’t any charges and no minimums to take part.
PrizePool’s distinctive referral program is designed to remodel saving cash from a solitary act to a shared, social, and much more rewarding expertise. This system lets individuals save along with family and friends. When a PrizePool consumer refers a buddy, there are shared advantages: they encourage one another to save lots of extra, and so they improve their probabilities of profitable collectively.
The way it works – as soon as customers join PrizePool, they’ll refer family and friends to hitch and save. When a consumer refers a buddy, they each win a 10% bonus when the buddy wins a prize – the buddy receives an additional 10% increase for utilizing the primary buyer’s referral code and the unique consumer will get a bonus of 10% of their buddy’s winnings too. These bonus prizes are incentives to save lots of and play collectively.
“After I met Frank and Joe, the founders, and noticed their observe report in tech and training, I knew they had been severe about trying to construct a enterprise with the objective of getting individuals to deal with their monetary lives in a singular and fascinating means,” mentioned Andy Chen, Accomplice, Coatue. “We consider this expertise mixed with the commitments to each assure month-to-month prizes and create a social, referral model units PrizePool other than others out there.”
“We’ve been huge followers of prize-linked financial savings for a very long time, and consider it has the potential to reshape financial savings habits in America. We’re glad to have discovered a wonderful crew to execute on this,” mentioned Nellie and Max Levchin, Companions at SciFi VC. Max is also CEO of Affirm, Co-founder of PayPal.
The funding will allow PrizePool to put money into product improvement, drive consumer acquisition, increase advertising initiatives, and construct its crew with new hires. PrizePool is offered nationwide.
For extra info, please go to www.getprizepool.com.
PrizePool’s mission is to incentivize all Individuals to save lots of extra and construct a greater monetary basis. PrizePool ups the sport of at the moment’s boring, low-growth, financial savings accounts. It offers clients a brand new, enjoyable place to save lots of — one the place their cash is their likelihood to win actual, cash prizes assured to complete $50,000 each month. Headquartered in San Francisco, for extra info please go to www.getprizepool.com. Comply with PrizePool on Twitter @prizepool.