Lodavo is a prize‑linked savings app that turns everyday deposits into tickets for weekly cash draws, letting users win up to $10,000 while their money remains in their own bank accounts. The platform connects securely via Plaid and uses bank‑grade encryption, with provably fair, pre‑locked draws to ensure transparency.
Funding
Funding not disclosed
Founders
Product
Problem
Many Canadians find saving money unmotivating, leading to low savings rates and missed financial goals. Traditional savings accounts offer little engagement and no incentives beyond modest interest, making it difficult for users to stay consistent with regular deposits.
Solution
Lodavo offers a prize‑linked savings experience that turns everyday deposits into entries for weekly cash draws, with prizes up to $10,000. Users securely connect their existing bank accounts via Plaid, allowing the app to read balances without ever moving or holding funds. Savings are tracked in a single dashboard, and the amount saved determines the number of tickets earned for each draw. Draw outcomes are provably fair, with results locked in before numbers are selected, ensuring transparency. The service is free to use, with revenue generated from referral fees for optional product recommendations, not from user fees or data sales. By gamifying savings while keeping money safely in users' own accounts, Lodavo encourages regular deposits and improves financial habit formation.
Target Audience
Primary users are Canadian consumers who want to boost their savings discipline, particularly millennials and Gen Z individuals seeking a low‑risk, engaging way to grow their emergency funds or short‑term goals.
Features
- Read‑only bank integration via Plaid, providing bank‑grade encryption and never storing user credentials
- Automatic ticket generation proportional to saved balances, with no minimum deposit required
- Weekly cash draws up to $10,000, plus a guaranteed $100 prize each week, using provably fair, pre‑locked draw mechanics
- Unified dashboard that aggregates savings across multiple accounts and displays ticket counts and draw results
- Free‑forever model with no hidden fees; revenue comes from optional referral partnerships, not from user charges or data sales
- Ability to disconnect accounts at any time directly within the app, ensuring full user control over data access