PrizePool, a San Francisco, CA-based fintech startup, raised $4.25m in seed funding.
Backers included Accomplice, Bling Capital, Coatue, SciFi VC, and World Innovation Lab, among others.
The company intends to use the funds to invest in product development, drive user acquisition, boost marketing initiatives, and build its team with new hires.
Co-founded by Frank Chien, CEO, and Joe Woo, PrizePool gives customers a way to save and win real cash prizes guaranteed to total $50,000 every month. PrizePool pays out a $25,000 Grand Prize each month, along with thousands of smaller prizes. All deposits are FDIC insured, by Evolve Bank & Trust, and there are no fees and no minimums to participate.
PrizePool is available nationwide.