Startup Bets People Will Save Money for a Chance to Win $10 Million
Yotta Savings’s clients get a ticket for every $25 they save, with a chance to win 10 cents to $10 million weekly.
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At a time when some Americans are being tempted to pour their savings into risky investments, the son of a Wall Street veteran is encouraging them to set aside more money.
Adam Moelis, whose father Ken Moelis runs investment bank Moelis & Co., has managed to attract new accounts worth almost $40 million in two months at his startup, Yotta Savings. The hook is that Yotta gives people a sweepstakes ticket for every $25 they save. A weekly drawing gives customers the chance to win between 10 cents and $10 million.