August 13, 2022

Stop Using Banks

One year ago, I invested in the FinTech startup, Yotta Bank - but now, here is how they've grown and how they make money. Feel free to try it out and get 100 extra tickets: - Promocode: GRAHAM -…

One year ago, I invested in the FinTech startup, Yotta Bank – but now, here is how they’ve grown and how they make money. Feel free to try it out and get 100 extra tickets: – Promocode: GRAHAM – Thanks! Add me on Instagram: GPStephan – NOTE: THIS IS NOT A SPONSORED VIDEO – I’m happy to discuss them as an investor! 🙂






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Yotta Bank was a startup I invested in one year ago – here’s what’s happened within that year, and the struggles along the way:

The Yotta Business model was built on the report that 40% of Americans are unable to cover a $400 emergency expense, yet they spend $1000 per year on the Lottery….so Yotta aimed to bridge that gap by INCENTIVIZING people to save through a prize based system that makes it EXCITING to save, pays them a better interest rate than they’d be getting at other traditional banks, and brings users back to the app on a regular basis to check in.

But, it became quite evident that the entire aspect of a prize-based sweepstakes is enough to raise the suspicion that – it MUST be rigged…and it has to be a scam.

Instead, Yotta Bank works like this:

Just like almost any other online cash management account, Yotta uses what’s called a “sweep account,” which means – they never have direct access to your money. Instead, when you make a deposit within the app – that money is sent and managed by Evolve Bank & Trust, who are FDIC Insured up to $250,000.

From there, a third-party double-blind insurance carrier randomly draws daily numbers…and then, prizes are paid out accordingly. The smaller payouts are covered by Yotta Bank’s revenue and cash reserves, while the larger prizes are covered and paid for through an insurance policy…. so that way – someone winning $10 million dollars doesn’t immediately drain off the companies resources.

In addition to that, in order to comply with US regulation across all 50 states…they operate as a sweepstakes, which means – there’s no purchase necessary to be entered, you can mail in an entry if you prefer, and the important differentiation is that – unlike a lottery, you CAN’T lose.

First, they “Make” money from the interest rate paid by Evolve Bank.
In this case, Yotta Bank receives a .1 to .25% annual interest rate from the total amount under deposit.

Second, they recently launched a debit card – which generates a 1.4% interchange fee on the total transaction. This helps generate some revenue to offset additional costs.

And third, they make a small amount from “Push-To-Card Transactions”
This is that small 1.5% fee that banks charge when you want your money to be transferred IMMEDIATELY, instead of waiting the standard 1-3 business days.

All in all, Yotta Bank spends IN EXCESS of $500,000 PER MONTH at their current pace to keep up with overhead, marketing, expansion, and paying interest…but, as the company grows, they become more valuable, and the opportunities for eventual profit become that much greater.

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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See

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