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PrizePool, founded in 2019 in Palo Alto, combines savings accounts with prize drawings and gamification.
Founded in 2019 in Palo Alto, US, by Franklyn Chien and Joe Woo, PrizePool, Inc. is a technology company that combines traditional savings with gamification. Its PrizePool Account pays a monthly savings bonus of 0.30% annualized return and lets users win cash prizes in weekly drawings. The company partners with Evolve Bank & Trust for FDIC insurance on deposited funds. In April 2021 it raised USD 216,270 in Series A funding led by M13, with participation from Accomplice, Bling Capital, Coatue Management, FJ Labs and World Innovation Lab.
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