FinTech startup Millions raises $3.3m seed round to support its lottery that is giving away $1m for free

Millions, a FinTech handing out free money through a lottery, has reportedly raised $3.3m in seed funding.

Contributions to the seed round came from Giant Ventures, 8VC, Supernode, Twitter co-founder Biz Stone, Italic CEO Jeremy Cai, Allbirds co-founder and CEO Joey Zwillinger, Casper co-founders Neil Parikh and Luke Sherwin,  and a number of other angel investors, according to a report form TechCrunch.

The company currently offers people the chance to win $1m by simply following Millions on Twitter and picking six numbers on the company’s mobile app. There are ten weekly drawings for the $1m, but people also have a chance to win less but when initially following the company.

If there is no winner in one week, a random person is given $10,000.

Next month, the company is launching an new competition called “are you my neighbour?”, according to the article. The new game will have people enter their phone number on the website and if it is just one digit away from the phone number on the website, the person will win $100,000.

The reason for these games has not been officially announced, however, it looks to be a way of building customers for the launch of the company’s real product.

Millions co-founder, who is remaining anonymous, told TechCrunch, “If you think about customer acquisition costs — and this is a little bit controversial — people just give money to Facebook or Instagram, or Apple or Google. The money goes straight to a social network and not the people.

“They’re trying to get the people, but they’re not giving the people the money. The Millions way is really giving the people the money. We don’t need to run advertisements. We’re giving the money directly to the people, and hopefully, they follow our ecosystem, subscribe for updates and they’ll see the future launch,” they said.

The report claims the company behind Millions is planning to launch a product called MyCard and will reward customers for their daily behaviour.

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