- PrizePool Winding Down: US-based fintech start-up PrizePool is reportedly winding down its consumer app as it undergoes an acquisition.
- Closure Details: The company informed customers that it stopped accepting new sign-ups on 23 August, with 19 September set as the last day for user-initiated withdrawals. Accounts will close on 23 September, and remaining funds will be returned to linked accounts after that date.
- Customer Communication: An email sent to customers indicated that PrizePool is being acquired, leading to the app’s closure. The acquiring entity has not been disclosed, and PrizePool has not commented on the matter.
- Company Background: Founded in 2019 by former Apple managers Franklyn Chien and Joe Woo, PrizePool combines traditional savings accounts with lottery-like rewards, offering chances to win cashback on transactions.
- Funding: The start-up secured a $10 million Series A funding round in 2021 to support its operations and growth.
