“Can gamified, prize-linked savings mechanics drive sustainable deposit growth and financial habit formation among underbanked American consumers?”
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.
Prizepool discloses Evolve Bank & Trust as its banking provider, according to the Embedded Finance Index 2026.
Prizepool does not disclose a bank charter of its own; its banking services are provided through Evolve Bank & Trust.
The Embedded Finance Index 2026 maps 2 layers in Prizepool's stack: Banking / BaaS (Evolve Bank & Trust); Sponsor bank (Evolve Bank & Trust).
Prizepool is founded in 2020 and headquartered in San Mateo, CA (formerly San Francisco, CA).
Prizepool has raised $14.3M in total (latest round: Series A, June 2021).
Get a read on where your own stack stands against Prizepool and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.