Yotta Savings

Yotta Savings: solve fintech's chicken-and-egg with a lottery hook

Shaan praises Yotta Savings, which bootstrapped deposits by turning an FDIC-insured savings account into a prize draw: every dollar saved earns weekly lottery tickets to win up to $10M, so users 'buy in' by saving, not by paying.

“So they wanted a whole— they wanted— they created like a, you know, a savings account. They wanted a bunch of people to deposit with them. And so what they did was they were like, hey, you could win up to $10 million just for saving your money in our FDIC-insured account. So you don't have to buy into the lottery, but it's sort of a trade. It's like, put your money in our savings account so they can become essentially like a little mini bank.”

Steal thisAttach a prize draw to a savings/deposit product to crack the cold-start problem.