PrizePool

PrizePool is a financial technology company based in the U.S., founded in 2019.

It offers FDIC-insured savings accounts that encourage saving through weekly and monthly cash prize drawings. The platform combines traditional banking security with a lottery-style approach, making saving more engaging, especially for younger users, gig workers, freelancers, and small business owners. Users can deposit funds into a PrizePool account, earning 0.30% annualized interest with no fees or minimum deposits. Each deposit generates "lottery tickets" for prize drawings, increasing the chances of winning as savings grow. The company provides over 4,000 weekly cash prizes and monthly totals that can reach up to $50,000. PrizePool also features a mobile app for easy access to deposits, prize entries, and tracking. The company generates revenue through interest margins on deposits and partnerships, focusing on everyday U.S. consumers looking for innovative savings solutions.