Yotta
Series ASavings account on steroids
Prize-linked savings app that gamifies saving money with lottery-style weekly sweepstakes drawings.
About
Yotta is a fintech company that pioneered prize-linked savings accounts in the US, turning the act of saving money into an engaging game. For every $25 deposited, users received a ticket for weekly number drawings with prizes up to $10 million โ combining competitive APY rates with the thrill of a lottery. Founded in 2019 by Adam Moelis (Wharton '14, ex-Goldman Sachs) and Ben Doyle, the company was accepted into Y Combinator's Summer 2020 batch shortly after launch and went on to raise $21.2M including a $13.2M Series A led by Base10 Partners. However, the company was severely impacted by the May 2024 bankruptcy of Synapse, the banking middleware provider it depended on, which left approximately 85,000 Yotta customers unable to access a combined $112M in deposits. Yotta subsequently pivoted to offering casino-style sweepstakes games funded by microtransactions.
DailyDropout Take
Yotta caught our eye as a clever twist on consumer banking โ turning savings into a game by giving depositors lottery tickets for every $25 saved. With a Wharton-trained founder, YC backing, and a $13M Series A, they had real momentum. The Synapse bankruptcy in 2024 was a devastating blow that exposed the fragility of the middleware-dependent fintech stack, leaving 85K customers locked out of $112M.
Discovery signal: YC S20 batch, novel prize-linked savings model in underserved US market, strong early traction with viral product mechanics
What Makes Them Unique
Yotta was the first to bring prize-linked savings accounts to the mass US consumer market, gamifying personal finance by rewarding savers with lottery-style weekly drawings โ turning a traditionally boring financial product into an engaging experience.
$21.2M
Total Raised
~85,000
Affected Customers (Synapse)
$112M
Frozen Deposits
Target Markets
Founders
Adam Moelis
Co-Founder & CEO
Wharton '14 graduate. Previously investment analyst at Goldman Sachs and data product analyst at YipitData.
Ben Doyle
Co-Founder
Co-founded Yotta alongside Adam Moelis to bring prize-linked savings to the US market.
Funding History
Lead: Y Combinator
Lead: Cliff Asness
Lead: Base10 Partners
Investors
Firms
Individual Investors
Founder, AQR Capital Management
Founder & CEO, Moelis & Company