Layup, a New York-based provider of a bank offering prize-linked savings accounts for sports fans, raised $2.3M in Seed funding.
The round was led by Continental Investment Partners, with participation from Chicago Ventures and the Entrepreneurs Roundtable Accelerator.
The company intends to use the funds to expand product capabilities, recruit talent, and market its game-based savings application to sports fans and other end users.
Led by CEO Owen Monagan, and CTO Oisin Tiernan, Layup has created PLSAs by offering competitive, chance-based sports games. Fans are rewarded for saving through increased opportunities to participate in equal odds sports-based games. Its product provides sports betting without the downside, promoting savings instead of losses.
A prize-linked saving account or PLSA (also called a lottery-linked deposit account) is a savings account where some of the interest payment on bank deposits or marketing dollars are distributed as prizes based on chance.
A beta version of Layup is currently available on the Apple App Store and the Google Play Store.
FinSMEs
22/09/2023