Yotta Savings is a mobile app where users link an external bank account, deposit funds into a Yotta savings account, and earn tickets—each worth $25—for chances to win prizes ranging from $0.10 up to $10 million. The company earns revenue from interest on deposited balances paid by its partner bank, which it uses to fund the prize pool and pass value to users. Since launching in July 2020, 130,000 people have signed up, 90,000 have a balance, and 60,000 have tickets this week; the firm expects roughly 8 million tickets and $200 million deposited this week. Funds are held at partner bank Evolve Bank & Trust and are insured up to $250,000. Cofounded in October 2019 by Adam Moelis and Doyle, both Under 30 honorees and YC alumni, Yotta plans to expand its banking services, launching a debit card and building toward a full bank account product. Yotta offers free FDIC-insured bank savings accounts that enter depositors into weekly prize-linked drawings with prizes from $10 to $10 million. Customers earn one ticket per $25 saved each week; the company frames the program as a sweepstakes allowed under the 2014 American Savings Promotion Act so users cannot lose principal. At launch in July the platform had 700 beta accounts; two months later it reported 21,000 accounts and more than $40 million in deposits. Yotta plans to use new funding to build its engineering and customer support teams and begin paid advertising. Co-founder Adam Moelis said the company intends to roll out a more comprehensive bank offering including debit and credit cards. The product aims to apply random rewards to drive saving behavior, positioning itself within the neobank landscape as a differentiated savings-first offering.

Total raised

$17M

Funding rounds

2

Latest round

Series A

Latest activity

Jan 2021