PrizePool, a San Francisco, CA-based prize-linked savings startup, raised $10m in Series A funding.
The round was led by M13 with participation from Accomplice, Bling Capital, World Innovation Labs, and Coatue.
The company intends to use the funds to expand its team by 150% and launch debit cards.
Led by Frank Chien, CEO, PrizePool gives customers a new place to save — one where their money is their chance to win real, cash prizes guaranteed to total $50,000 every month. Even if savers don’t win cash prizes, the account is FDIC-insured and will earn a 0.30% interest rate. PrizePool is available nationwide and can be downloaded for free on iOS and Android.
To date, about 10,000 PrizePool savers have won more than $400,000,
PrizePool will be expanding their offerings to include debit cards in the fall, so all savers can access their money for everyday costs while saving for their future. Details of the debit cards will come later this year.