Yotta

Save. Spend. Win.

12 followers

Save. Spend. Win.

12 followers

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With Yotta, you save money and unlock the chance to win prizes up to $10m every week. The best part is you can’t lose. Even if you don’t win a prize, your money still grows over 2x faster than the national average. It’s a win-win.

Launch tags:Fintech

Launch Team

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Yotta I-Bonds Bucket

Maker

Hi everyone! I’m one of the makers of Yotta (https://withyotta.com) along with @bendoyle. How our app works: - 🔒 Save money in an FDIC insured account - ☝️ For every $25 you save, you get a recurring ticket into our weekly random number drawings with chances to win prizes ranging from $0.10 to the $10 million jackpot - 📈 Even if you don’t win a prize, you still get paid over 2x the national average on your savings. - 💸 On average, inclusive of prizes, the return on your savings is competitive with the highest yielding online savings accounts on the market. - 😎 100% free. No fees. Yotta's mission is to help millions of Americans become more financially secure. 40% of Americans can’t come up with $400 an emergency, yet the average household spends over $640 every year on the lottery. People buy too many lottery tickets and don’t save enough because human nature makes it difficult to adopt habits we know are healthy in the long-run but painful in the short run. We are giving people a way to scratch that lottery itch and get instant gratification from saving, while building a positive behavior that will make them stronger in the long run. Yotta not only makes saving fun and instantly gratifying, but it’s also a smart way to save. By partnering with online banks, we can provide a rate of return on savings competitive with the highest yielding options on the market. In the UK, there is a product called Premium Bonds (https://en.wikipedia.org/wiki/Pr...), which is similar to Yotta. Over 30 million British people save through Premium Bonds, which has over $100 billion in deposits. Yotta is backed by Y Combinator and two of Bloomberg’s “50 Most Influential” in Global Finance. We would love your feedback on the product. Let us know what you like and what we can improve! Use the invite code “PHUNT1” for 100 free tickets when you sign up. Download on iOS: https://apps.apple.com/us/app/yo... Download on Android: https://play.google.com/store/ap...

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6yr ago

@bendoyle @adammoelis amazing- thanks champions!

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6yr ago

liblab

This is a good example of product that combines two things that have nothing to do with each other. As a saving account you can get much better rates in banks like Ally. If you into gambling just buy a lottery ticket. I really don't see the connection here. It does two things in a mediocre way instead of one thing in a good way.

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6yr ago

@sagivo i agree with you. This is another stupid marketing game :(

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6yr ago

@sagivo Especially with these odds... Odd of getting the 10M => 1:3,277,899,625 For comparison (source: Wikipedia): Odds of Winning Jackpot EuroMillions 1 : 139,838,160 PowerBall (US) 1 : 292,201,338

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6yr ago

Yotta I-Bonds Bucket

Maker

@sagivo @euro_mist We provide the same expected value as an Ally. Actually even better right now. But in the long run, we want our expected value to be competitive with the highest yielding accounts, so you're not losing anything on an EV basis with us

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6yr ago

Yotta I-Bonds Bucket

Maker

@sagivo @lgerbeaux Our expected value is higher than a lottery ticket. The EV on a lottery ticket is a loss of 52 cents per dollar you put in. With the lottery you pay for your ticket. With us, you save money and get a ticket. You can't lose anything. One is risky and the other is risk-less, so you can't just compare the prizes without looking at what you risk. You also have to factor in other prizes, not just the jackpot. While the $10 million prize is unlikely on a per ticket basis (but you can get more tickets by saving), there are lots of other prize tiers

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6yr ago

@adammoelis Very excited to try out the product! Out of curiosity, what are the revenue streams for Yotta Savings?

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6yr ago

Yotta I-Bonds Bucket

Maker

@hokieinnovator Hey Sean - we have plans to expand into other revenue generating financial services products, with a similar twist where we use behavioral psychology to help nudge people towards smart long term financial behaviors. Happy to chat about this with more specifics in more detail privately if you want

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6yr ago

@adammoelis Sounds good to me, what is the best way to reach you?

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6yr ago

Yotta I-Bonds Bucket

Maker

@hokieinnovator adam@withyotta.com

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6yr ago

DemandRush

Love the simplicity behind this prize-linked savings account. Walmart has done a lot of good with this: https://www.theatlantic.com/maga... Only nit - isn't it a bit deceptive to say the prize money is up to $10M weekly? With today's rates you'd need something like $150B in deposits to deliver this via a prize-linked savings account (randomly assuming you get ~0.5% and give away 0.2%). Isn't the $10M just an arbitrary limit ya'll are setting, not a prize customers should be expecting anytime soon (or ever)?

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6yr ago

Yotta I-Bonds Bucket

Maker

@pavtalk We partner with an insurance company. If someone wins, the jackpot will be paid out by them. It's a bit of a hack for now to solve the chicken and egg problem you mention

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6yr ago

PocketChange

This is epic! And you all get paid from banks? Can you explain a little more how they/you benefit from this? (Already got my upvote dw) I love this concept and its exactly what im looking for with smart saving and that little lottery ticket "what if". But I'm a founder myself in the fintech space and am really interested in this business model as we work with micro-financing in the charitable space.

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6yr ago

Yotta I-Bonds Bucket

Maker

@christian_dooley Yes this savings product is our first financial offering. We plan to expand into other financial services where we can use behavioral psychology to help nudge people towards smart long term financial behaviors. These other areas will be higher revenue generating for us. Happy to chat more about this in more detail if you want to message me separately!

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6yr ago

Great product @adammoelis! Very cool concept and clean sleek design of the app. Curious to know how do you plan to monetize and generate revenue through this? You mentioned that banks pay you? Why do they want to pay you?

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6yr ago

Yotta I-Bonds Bucket

Maker

@daneshbadlani We plan to expand into other higher margin financial services where we can use behavioral psychology to help nudge people towards smart long term financial behaviors. Happy to chat about this with more specifics in more detail privately

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6yr ago

@adammoelis Sounds good! Will reach out to you.

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6yr ago

Product Hunt

Premium bonds are a very well known and established way of saving over here in the UK. Didn't realise this wasn't something not more widely known or used in other countries like the US.

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6yr ago

Yotta I-Bonds Bucket

Maker

@ejsnowdon Yeah it's interesting how behind the U.S is on this given how massively popular these types of programs have been in other countries. Almost no one has heard of Premium Bonds in the U.S

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6yr ago

Product Hunt

@adammoelis mind blown. Congrats on bringing them to a new audience!

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6yr ago

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