As the famous Harvey Dent quote from The Dark Knight goes, “You either die a hero or you live long enough to see yourself become the villain.” That’s largely been my experience covering FinTech over the years as some awesome apps disappear in their prime while others undergo a series of negative changes… which often leads to their downfall. I don’t know which is sadder per se, but I am very disappointed to report that one of my favorite banking apps has announced its sunsetting plans.
Earlier this afternoon, an email from PrizePool hit my inbox, letting me know about the app’s impending shutdown. As of today, the service is no longer accepting new sign-ups and the last perks will be paid out next week. This will lead up to next month when withdrawals will be closed off (September 19th) and then accounts will be closed (September 23rd). For the record, upon seeing this news, I already initiated a transfer to move the funds I had with PrizePool over to another account.
So what is/was PrizePool and what did I love about it? The neobanking app rewarded savers by allowing them to earn tickets for weekly drawings. While that might sound similar to Yotta Savings (speaking of seeing yourself become the villain…), I actually found PrizePool’s system way more straightforward and enjoyable — even before Yotta’s various evolutions. Granted, PrizePool has also changed over time, but these updates weren’t overtly negative and didn’t impact my enjoyment of the app. In total, according to my dashboard, I apparently won $74.35 on the app. Although, a good portion of that was thanks to the app’s referral program perks.
While the closure of PrizePool is sad, this news is apparently due to the company being acquired. No other details on that matter were announced in the e-mail. I am wondering if that means that a re-emergence of some sort is possible in the future. If not, then I at least hope that the founders were able to cash out themselves! Admittedly, I was also a bit touched by the email’s sign-off which read, “PrizePool was founded in the midst of the pandemic with a mission to incentivize Americans to save more and build a better financial foundation. Thank you for supporting us on this journey for the past four years.”
Of course, even if PrizePool does pop back up, I’m guessing the platform won’t be quite as generous as it has been. Nevertheless, I’m very curious to learn more about this apparent acquisition. Surely we’ll get more on that front soon — but, in the meantime, I’m already mourning the loss of another great FinTech tool. RIP, PrizePool!