Prizepool
“Can gamified, prize-linked savings mechanics drive sustainable deposit growth and financial habit formation among underbanked American consumers?”
Founded2020
HQSan Mateo, CA (formerly San Francisco, CA)
Total raised$14.3M
Latest roundSeries A, June 2021
IndustryFintech / Consumer banking
The story
Founded in 2020 as a prize-linked savings account platform designed to incentivize Americans to save by gamifying deposits with lottery-style rewards. Grew rapidly during the pandemic era and raised $14.3M in total funding through Series A. By August 2024, the company wound down its consumer-facing app and closed customer accounts amid an undisclosed acquisition — ending its run as a standalone consumer fintech.
Product timeline
2020
PrizePool launched as a prize-linked savings account app during the COVID-19 pandemic, raising $4.3M in seed funding.· banking
2021
Raised $10M Series A led by M13; reported tens of thousands of savers and $400K+ in prizes distributed.· banking
2024
PrizePool wound down its consumer app and stopped accepting new sign-ups on 23 August 2024, with accounts closing 23 September 2024, amid an acquisition process.· pivot
The stack
2 layers disclosed in Prizepool’s embedded-finance stack
Banking / BaaS
Sponsor bank
in the full report
Accounting gap: none
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.