The basic functionality of a savings account is that you deposit money and earn a small percentage over time. Yotta savings does the same, but with a fun twist; you’ll get a chance to play a lottery and turn those savings into sustainable cashback.
⚾ The Elevator Pitch:
Sometimes, the hardest thing about saving is just starting, not knowing how and where to save. As per Federal Reserve, 40% of Americans don’t even have savings in an emergency as most of the households are in financial debt. Even though they are struggling, yet they spent billions of dollars on the lottery every year - Which is the worst bet as the chances of winning is only 50%.
Yotta fixes this problem in a fun and economical way. By introducing a free prize-linked saving account, associated with high-value banks in the U.S, you’ll get a chance to win big by just saving. Every week, yotta savings users get a chance to win a drawing of up to $10 million.
👇 The Drop Down
Stage: Series A
Tech trend: FinTech
Traction: Raised over $13 Million Series A led by Y Combinator, 5000+ Active users, 900+ Reviews on TrustPilot, Featured by Forbes, TechCrunch, Bloomberg, Yahoo, and more.
Team: Tech graduate and Serial entrepreneurs
Adam Moelis (CEO) | Ben Doyle (CTO) | Nick Adrian (CSA)
🔍 Why we like it
- 💴 A new way of savings
Inspired by the Premium Bond program, Yotta provides an opportunity to win lottery-style drawings, and prize matching numbers worth $10 million every week. For each deposit, users will get a recurring ticket that can be easily used in weekly sweepstakes drawings in the app.
- 📈 Accelerated Growth
Yotta managed to pull out an amazing .20% APY savings, which is the highest compared to an average national of 0.6% APY. This makes Yotta savings about 4x times higher than any traditional bank account in the U.S. Furthermore, your money is held eligible for up to $250,000 FDIC insurance through Evolve Trust. These numbers are currently one of the highest in banking system.
- 🏆 Adding fun ways to win prizes
They are not only focused on prize-linked tickets but have also introduced some amazing cashback prizes. Recently, Yotta launched their first Mastercard debit card, which on its own is a treat for existing users - 10% Ticket back, 1000+ bonus tickets, no foreign transaction fees, 55,000+ free ATMs, Google and Apply Pay Integration, and exclusive prizes. And that’s not all, you’ve also got Buckets to set up recurring transfers, pool play to refer your friends to increase the chance of winning, and Crypto Buckets so you can invest in the big digital dollars (stablecoins).
🤝 Get involved with Yotta
- Check out their blog posts for some amazing content
- Follow them on Social Media: Facebook, Instagram, Twitter
- They are hiring, see the jobs at careers