Upon winning large sums of money through the lottery, it may be safe to say that most people do one of two things: save and spend the money wisely or splurge all of the cash immediately.
Given that it’s probable that most people tend to do the latter, it should come as no surprise that startup company Long Game shared news of its $4 million in seed funding led by Collaborative Fund and Thrive Capital.
Through using gamification and behavioral economics, the San Francisco-based company encourages those that have just won the Jackpot to save rather than spend. After signing up on the Long Game mobile app, users create savings accounts and receive virtual coins to play games. Nearly 70,000 people now use Long Game and on average save $60 per month.
Long Game’s CEO and Founder, Lindsay Holden, shared the reasoning behind creating the company in its funding announcement: “We built Long Game to empower people to feel proud and hopeful about their personal finances and to make smart money decisions fun and rewarding.”