“Can a prize-linked savings app survive the collapse of its BaaS middleware provider and rebuild consumer trust under regulatory scrutiny?”
Founded in October 2019 as a prize-linked savings account app — a 'lottery savings' concept popular in the UK — Yotta relied on Synapse Financial Technologies as BaaS middleware layered over Evolve Bank & Trust. After Synapse filed for bankruptcy in May 2024 and funds became inaccessible to 18,000 customers, Yotta was forced to abandon its core savings product. The company pivoted to sweepstakes games while attempting to recover customer funds; Thread Bank emerged as a post-Synapse banking partner. In May 2026 the California DFPI levied a $1M fine for falsely claiming FDIC insurance on the Synapse-routed accounts, representing significant regulatory and reputational damage to the embedded-finance-as-a-consumer-product model Yotta had built.
Yotta Savings discloses Synapse Credit LLC as its banking provider, with Evolve Bank & Trust as its sponsor bank, according to the Embedded Finance Index 2026.
Yotta Savings 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 Yotta Savings's stack: Banking / BaaS (Synapse Credit LLC); Sponsor bank (Evolve Bank & Trust).
Yotta Savings was founded by Adam Moelis and Ben Doyle and is founded in 2019, headquartered in New York City, NY, USA.
Yotta Savings has raised $16.5M in total (latest round: Series A, January 2021).
Get a read on where your own stack stands against Yotta Savings 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.