What is Yotta and How Does Yotta Work?
Yotta is a financial company that allows you to build your financial stability through interests on savings and weekly sweepstake prizes of up to $10 million. This company also provide other banking and financial services to businesses and consumers in the United States and internationally.
This company is financed by world-class investors such as Y Combinator, Base 10 Partners, Slow Ventures, Core Innovation Capital, which are some of the top most Influential” in the global finance. Yotta also has an app where users can use to manage their accounts savings & prizes.
Yotta App has other features which include Prize-Linked Savings, Paycheck Perks, Debit & Credit Card, Buckets, Crypto Bucket, I-Bonds Bucket, Pool Play, and Yotta Pay.
Yotta Prize-Linked Savings Accounts. This feature is an inspiration of Freakonomics and Premium bonds and allows Yotta users to save and earn even more. Yotta Prize-linked savings accounts (PLSAs) are savings accounts where a portion of the interest made from funds deposited into the account are put into a prize pool.
The prizes are given away on weekly basis as sweepstakes or lotteries where one or more winners are chosen from among the account holders and awarded a prize. The size of the prizes vary, but they’re typically up to $10 Million.
Paychecks Perks. This is another feature which allow Yotta Users to get paid up to 2 days early so that you can have your money sooner. This is great for those who need the money quickly or for those who want to use the money to pay down debt or bills.
In addition, Yotta Paychecks Perk also helps you to unlocks more out of each paycheck with Tax Refund Boost. This means that you’ll be able to get a bigger refund by using Yotta. Finally, you’ll earn bonus tickets on every paycheck just for using the Yotta Paycheck Perk feature.
Yotta Debit Card. Yotta’s debit payment card is the cream of the crop. When you use this card in the Yotta Lucky Swipes, you stands a chance to enjoy a number of benefits such as getting your next purchase paid by Yotta for free, no foreign transaction charges when transacting internationally, instant notifications, MasterCard liability protection, 10% tickets back, and hundreds of free ATMs.
Yotta Credit Card: The exclusive Yotta Credit Card feature allows you to stand a 2% chance of getting your next purchases paid by this company in addition to 20% ticket back among other benefits such as instant alerts.
Buckets: This feature enables users to set their financial goals, track their daily and monthly spending, lock savings, monitor their accounts, set up recurring transfers, create a withdrawal order, and enjoy even more with Yotta.
Crypto Buckets: Yotta Crypto Buckets allow you to earn 1.25* more tickets which increases your chances of winning $10 million prizes on every week. In addition, with Yotta Crypto Buckets, you can save 20% of your deposited amount in USDC stable coins. USDC are cryptocurrencies coined with United States Dollar.
I-Bond Buckets: With Yotta I-Bond feature, you can easily buy USA I-Bonds directly without dealing US Treasury Direct. All you need is to deposit your money in to your Crypto Bucket. This will help you to diversify your savings and enjoy a 9.62% guaranteed interest rates in your purchased I-Bonds.
Pool Play: Under this feature, you can join forces with your colleagues and play together for better odds which increases your chances of winning the weekly prize of $10 million.
Yotta Pay: This feature is a peer-to-peer payment feature which enables you to send and receive money to your peers irrespective of whether you are a member of Yotta or not.
What is Yotta App
Yotta Savings App is a mobile app that helps people save money and earn sweepstakes ticket for every $25 they save. It was founded in October 2019 by Adam Moelis and Ben Doyle and have its headquarters in Warwick, Warwickshire, UK.
This mobile app enable users to link up their external bank account with the Yotta savings account, deposit money in latter saving account and different from traditional banks where these deposits would earn interests, they earn tickets where 1 ticket equates to $25.
Yotta tickets gives users an opportunity of winning weekly prizes of between $0.01 to $10 million. You can download Yotta App from Play store HERE
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How does Yotta Make Money
Yotta Savings makes money by charging interest on deposited funds. It has distributed about $125,000 in total winnings so far, and uses the interest earned on total deposits to fund its operations and prize payouts.
It is good for you to note that no one has ever won the $10 million jackpot yet. In addition, Yotta Savings partner with other banks which pays a small amount of interest to depositors. This work closely similar to traditional banks where you make deposits in to your savings account and earn a small interests.
The pooled deposits are used by the traditional banks to give out loans to their clients and charge a higher a interest rates on the loans issued. This makes Yotta and other fintech companies to make a net profit overall. Although Yotta does not issue loans to their clients, they partner with other fintech companies for this.
Benefits of using Yotta Savings
In today’s economy, it is becoming increasingly difficult to save money. Banks are charging more and more fees for minimum balances and other services, making it hard for people on a budget to keep their savings intact. Yotta Savings offers an innovative solution to this problem.
With no minimum balance fees and mobile access, it has never been easier or more convenient to save money. With Yotta Savings App, you can now access your funds anytime, anywhere with just your smartphone.
In addition, Yotta Savings offers an Accelerated growth rate of 0.20% APY, significantly higher than the average savings account interest rate. And for those looking for a little excitement in their lives, Yotta Savings offers lottery-centered prizes that can be won simply by saving money.
Cash prizes ranges between $0.01 to $10 million which are won on weekly basis. With so many benefits, there is no reason not to switch to Yotta Savings today.
Is Yotta Legit
When it comes to online banking, there are a lot of choices to make. One of the most important is whether or not to trust your money with a specific institution. With so many scams and illegitimate businesses out there, it can be hard to know which ones are safe and which ones aren’t. So, is Yotta Savings legit?
Yes, Yotta savings is legit. Your funds in your Yotta Savings account are insured by the Federal Deposit Insurance Corp up to $25,000 per depositor, per bank. This means that even if the institution goes bankrupt, your money is still safe. Yotta Savings is backed by 256-bit AES encryption SSL security, ensuring that your information is safe and secure as it is protected from unauthorized access.
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Is Yotta Safe
The answer to this question is yes. Yotta Savings is FDIC insured, meaning that all accounts are protected up to $250,000. This means that your money is safe in the event that the company goes bankrupt. However, it’s important to note that Yotta Savings is not a bank, and therefore does not offer the same level of protection as banks do.
In addition, Yotta Savings uses SSL encryption to protect your information. This means that your data is encrypted both in transit and at rest, making it very difficult for anyone to hack into your account.
Finally, they have the two-factor authentication process which ensures that only you can access your account which adds to another layer of security.
How to open a Yotta Savings account
Opening a Yotta Savings account is easy! Just go to the Yotta Savings website or download the mobile app and sign up for an account with an email address and password.
Once you’re signed up, you will need to connect your new account with one of your external bank accounts.
This will help you to deposit money in to your new Yotta account and start enjoying interests’ bonus on your funds in addition to earning tickets for participating in the weekly draws.
The great thing about Yotta Savings is that your deposits are insured by the FDIC, so you can rest assured your money is safe.
Yotta Funding, Valuation & Revenue
Since its inception in 2019, Yotta has raised a total of 3 funding rounds. It’s first funding round was Seed Round which was conducted on 25th Aug 2022.
In this funding, Yotta raised a total $125k. The second funding round was raised on Sep 30th 2020 where they raised a total of $3.3 million. The third funding round was Serie A which was held on Jan 28th where they raised a total of $13.2 million.
Yotta has managed to amass a total of $16.6m in their last 3 funding rounds. Their last funding was held on Jan 28th 2021.
Yotta has a total of 12 investors which include Y-Combinator, Base 10 Partners, Slow Ventures, Core Innovation Capital, Citi Ventures, Kevin Breay, Funders Club, Goldman Sachs, Andreessen Horowitz, CapitalX, Chapter One Ventures among others. The estimated Yotta annual revenue is $12.9 Million.
On May 31st 2022, Yotta was acquired by Causeway Technologies for a cash deal of £52,000,000.
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Who Owns Yotta
The owner and CEO of Yotta is Adam Moelis. He is a graduate of University of Pennsylvania’s Wharton School of Business. He has been the CEO of this asset management company since 2019.
He has an impressive resume prior to founding Yotta, including experience as an investment analyst and product manager. Most notably, he was recognized in 2021 by Forbes 30 Under 30 for his contribution in the field of financial technology. He also have a vast experience working at YipitData and Goldman Sachs prior to founding Yotta.
What is the Yotta Savings App?
The Yotta Savings App is a bank account that gives out interest in prizes, worth between $0.01 to $10 million on weekly basis. The app is free to download and easy to use. In addition, there are no hidden fees or subscriptions and it also has a very user-friendly interface that makes it easy to navigate.
To sign up for Yotta, all you need to provide is your contact details such as name and e-mail address. To earn savings bonuses from your funds and participate in the weekly prize lotteries draws, you need to earn tickets. To enjoy all these, you need to deposit funds in to your Yotta account after linking it with your external bank account.
Yotta Prizes
Yotta offers weekly cash prizes from $0.01 to $10 million. In addition, Yotta Savings interest rate is 0.2. This means that depositors can earn 20 cents for every dollar deposited at the bank.
Membership is free and there are no account minimums or lock-ins. You can get started with as little as $5 and begin earning rewards today.
Yotta Referral Code
Referral codes are nothing new in the online world. In fact, they’ve been around for as long as anyone can remember. However, what is new is the way companies are using referral codes to reward their customers.
Yotta Referral Code is a new way to earn more tickets that can help you participate in the weekly prize draws. This is a great way to reward customers for spreading the word about the company.
And it’s also a great way to get more people signed up for Yotta services. To get started, you need to first Sign-up with a Yotta referral program and then share it with your friends and family members.
To enjoy more rewards through the Yotta Referral Codes, you can install the Reminder extension in your chrome browser.
Conclusion: How does Yotta Make Money
Yotta is a leading fintech company that provides Connected Asset Management services such as savings and weekly sweepstake prizes of up to $10 million.
Yotta Savings makes money by charging interest on deposited funds. It has distributed about $125,000 in total winnings so far, and uses the interest earned on total deposits to fund its operations and prize payouts.
It is good for you to note that no one has ever won the $10 million jackpot yet. In addition, Yotta Savings partner with other banks which pays a small amount of interest to depositors. This work closely similar to traditional banks where you make deposits in to your savings account and earn a small interests.
The pooled deposits are used by the traditional banks to give out loans to their clients and charge a higher a interest rates on the loans issued. This makes Yotta and other fintech companies to make a net profit overall. Although Yotta does not issue loans to their clients, they partner with other fintech companies for this.
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