PrizePool operates a prize-linked savings product that gives customers an FDIC-insured account which earns a 0.30% interest rate while entering them to win cash prizes that total $50,000 every month. The company is led by CEO Frank Chien and is available nationwide via free iOS and Android apps. About 10,000 PrizePool savers have won more than $400,000 to date. PrizePool plans to expand its team by 150% using the newly raised funds and to launch debit cards so savers can access money for everyday costs. Debit cards are slated for rollout in the fall, with additional details to be announced later in the year. The company is based in San Francisco, CA. PrizePool offers a prize-linked savings product that guarantees $50,000 in cash prizes each month, including a $25,000 grand prize and thousands of smaller prizes. Deposits are FDIC insured through Evolve Bank & Trust, and the service charges no fees and has no minimums. The product includes a referral program that gives friends a 10% boost on winnings and rewards referrers with 10% of a referred friend’s prize, making saving social. Launched nationwide, PrizePool positions itself as an alternative to traditional low-yield savings and to discretionary lottery spending. Founders Frank Chien (CEO) and Joe Woo previously sold LearnSprout to Apple in 2015. The company says it will use new funding to invest in product development, user acquisition, marketing, and hiring.

Total raised

$14M

Funding rounds

2

Latest round

Series A

Latest activity

Jun 2021