# PrizePool: Banking, San Mateo, United States

> PrizePool: PrizePool is a financial technology company based in the U.S., founded in 2019. Based in San Mateo, United States. Founded 2019.

Source: https://millionrounds.com/startup/prizepool (Millionrounds; every figure on the page links to its filing or article)

United States · [Banking startup](https://millionrounds.com/companies)

# PrizePool

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

Funding reported Last round: Series A

Banking San Mateo, United States

Company summary

- **Founded:** 2019 7 years old
- **Team:** 4 1 to 10 people
- **Funding reported:** $14M in dollars
- **Last round:** Series A Jun 2021

How sure we are

- ✓ **Listed** We know it exists and what it does
- 2 **Funding reported** A company dataset reports a raise
- 3 **Observed** A filing or a dated announcement confirms a round

No round for PrizePool has been confirmed by a filing or an announcement yet, so nothing here counts toward an investor's record. [How we decide](https://millionrounds.com/methodology)

## About 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.

## What company datasets say PrizePool raised

Funding, as reported

Reported in all **$14M** in dollars

Last round **Series A**

Last round size **$10M**

Last round date **Jun 2021**

SEC Form D **$42M sold, 3 filings, last Apr 2021**

## Founders and team

From the SEC filings it signed: 2 founders.

**Franklyn Chien** ""PROMOTER"" RELATIONSHIP IS MARKED AS THIS INDIVIDUAL IS A FOUNDER OF ISSUER. *Named on its 2021 Form D* i

**Joseph Woo** ""PROMOTER"" RELATIONSHIP IS MARKED AS THIS INDIVIDUAL IS A FOUNDER OF ISSUER. *Named on its 2021 Form D* i

On the board, as filed i *Gautam Gupta*

## On a portfolio page

Investors who name them

- [Brighter Capital](https://millionrounds.com/fund/brighter-capital)

Each firm lists PrizePool on its own website. That is the firm's claim, a weaker thing than a round we watched, but a named source.

## The company, in detail

What they build

Known for

user experience cash prizes digital savings account interest plus prizes financial incentives virtual debit card interest on savings ticket accumulation information technology & services commercial banking financial services mobile app finance weekly drawings spending rewards gamified savings

Built with from their website

Google Cloud Google Workspace WP Engine Google Cloud Hosting Google Meet MySQL Wordpress Google Cloud DNS PHP Google Search Console

+1 more

Gmail

- **Sector:** Banking
- **Industry code:** NAICS 52211, SIC 7389
- **Region:** California
- **Revenue:** $1.4M a year, as listed
- **Full record:** [Every detail in the company directory](https://millionrounds.com/directory/prizepool)

## Banking in United States

Startups like it

- [**Erebor** Columbus *Raised*](https://millionrounds.com/company/erebor)
- [**Relay** San Francisco · founded 2021 *Raised*](https://millionrounds.com/company/relay)
- [**Nymbus** Jacksonville · founded 2015 *Raised*](https://millionrounds.com/company/nymbus)
- [**Fintiv** Austin · founded 2018](https://millionrounds.com/startup/fintiv)
- [**Grasshopper Bank** New York · founded 2019](https://millionrounds.com/startup/grasshopper-bank-2)
- [**Harris Bank** Chicago](https://millionrounds.com/startup/harris-bank)
- [**Thread Bank** Brentwood](https://millionrounds.com/startup/thread-bank)
- [**Found** San Francisco · founded 2019](https://millionrounds.com/startup/found-5)

## Is this your company?

Add your raise, your deck and your story, and put PrizePool in front of investors. Or tell us what we have wrong.

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