UK-based startup Everything, which is reinventing premium bonds, has raised €2m from a group of angel investors, on its mission to create a better financial experience for younger generations.
A report from Finextra revealed that the round of funding involved Merama CEO Sujay Tyle, Frontier Car Group founders Peter Lindholm and Ricardo Donoso, and Axel Arigato co-founder Albin Johansson.
Everything was founded in 2021 by Adam, Michael and Thorir who believed that money should be rewarding, exciting and social, and were uninspired by the options out there today for everyday finances. The company claims to be at the intersection of finance and social interaction and wants to build a financial experience tailored to younger generations.
Michael Wilkinson, chief operating officer at Everything, said, “We want to reinvent premium bonds to make them more accessible for younger generations and inject the excitement of winning into everyday finances like spending and saving without the risk of losing.”
The company said one of the UK’s most popular savings methods, premium bonds, where 21 million people save £114bn, is analogue and slow. What’s more, Everything explained, is that Gen Z now make up a large proportion of the global population and will become increasingly important to the economy, and yet, no financial experiences are explicitly made for them.
The FinTech is “layering on top of what already works”, bringing together the customer experience of neo banks with the excitement of winning from premium bonds. To start with, the company is launching a free debit Mastercard where users can win instant cash rewards, between £1 to £1m, every time they spend money.
Users can invite friends and family to ‘squads’. The more people invited and the more ‘squads’ a user is a part of, the higher chance of winning.
Everything earns revenue from merchants every time a user makes a payment, which is then put into ‘buckets’. When one of those is full, the next user who makes a payment wins the reward. They will be notified in real-time through the Everything app and their rewards are deposited straight into their account.
The product is expected to launch around late March and April, with a phased rollout to waitlist members first.
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