
WinWin
An app that gives young Americans fun, daily motivation to grow their savings.
Date | Investors | Amount | Round |
---|---|---|---|
- | investor | €0.0 | round |
N/A | €0.0 | round | |
$250k | Seed | ||
Total Funding | 000k |
Related Content
WinWin was a financial technology company, founded in 2017 by David Ronick and Mimi Salcedo, that operated a mobile savings application. The company, officially named FatCat Financial, Inc., aimed to make saving money more engaging by incorporating elements of gaming and cash prizes. The concept was born from the observation by co-founder David Ronick, who also co-founded the investing app Stash, that while many Americans struggled with saving, they spent billions on lotteries. WinWin sought to channel this behavior into a positive financial habit.
The core of the business was a mobile app, initially for iOS, that linked to a user's bank account. To encourage saving, the app required users to deposit money into an FDIC-insured savings account held at Wells Fargo. Each dollar saved acted as an entry into a weekly cash prize draw, initially for $1,000. The platform also featured daily mini-games that users could play after saving at least $1, offering chances to win smaller, instant cash prizes of up to $100. This model of "gamified saving" was designed to attract and retain users by making the act of saving feel more rewarding and exciting.
The company's revenue model was initially based on a $2 monthly subscription fee. However, based on customer feedback, it later removed the subscription and auto-saving requirements, making the app free to use. The business secured $1.5 million in seed funding and reported significant early interest, with over 20,000 people on its waitlist before the official launch in February 2018. Despite a promising start and recognition from Apple as a "New App We Love," the company ceased its savings operations. In January 2019, it was announced that the app would be relaunched purely as a game with cash prizes, discontinuing the savings component. The company is now considered deadpooled.
Keywords: gamified savings, prize-linked savings, financial technology, fintech, mobile savings app, cash prizes, micro-saving, David Ronick, Stash, financial wellness, savings games, FDIC-insured, personal finance, consumer finance, FatCat Financial, deadpooled, startup, financial app, behavioral finance, prize-centered savings