Fintech Startup Raises $3 Million & Gives Away Cash on Twitter

A New Fintech Startup, Millions, Launches with a Unique Approach to Customer Acquisition

A startup operating under an anonymous leadership structure, known as Millions, has secured $3 million in seed funding. The company is currently generating buzz by distributing free money to individuals through its Twitter presence.

Inspired by Viral Trends and Addressing Customer Acquisition Costs

This strategy draws inspiration from content creators like David Dobrik and aims to attract initial attention. It also lays the groundwork for a future business model where brands can participate directly in promotional giveaways.

While brand-sponsored giveaways aren't novel, previous attempts at integrating them into platforms like the HQ Trivia game faced challenges in sustaining user engagement and ultimately led to the platform’s closure.

Millions’ Innovative Giveaway Mechanics

Millions differentiates itself by moving away from live, scheduled games. Instead, users can engage with the company by following the @millions Twitter account. The account regularly offers opportunities to win funds.

Currently, Millions is hosting a “million dollar sweepstakes.” Participants follow @millions on Twitter, visit Millions.app, and input six numbers. A perfect match results in a $1 million prize. (See details below).

Looking ahead, the startup plans to introduce “are you my number neighbor?” – a game where users submit their phone number. A win occurs if their number is only one digit away from a designated number, awarding a $100,000 prize.

The Strategy Behind the Giveaways

These initiatives, funded by investor capital, are designed to build brand recognition and attract new customers.

A Millions co-founder, preferring to remain anonymous, explained that traditional advertising channels direct funds to large social networks. Millions, conversely, aims to deliver funds directly to individuals.

“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,” the co-founder stated.

The Long-Term Vision: A Fintech Play

The ultimate goal for Millions is to transition its acquired customer base to a fintech product centered around opportunities to win money.

Unveiling the Identity Behind the Anonymity

TechCrunch agreed to maintain the anonymity of the co-founders to preserve the playful nature of the games. However, publicly available information reveals that MyCard Inc. is the legal entity behind Millions, as stated in the Millions website’s Terms of Service.

A Securities and Exchange Commission (SEC) filing from December 2020 confirms a $3 million fundraise for MyCard Inc., listing Kieran and Rory O’Reilly as key individuals. These names are also associated with gifs.com.

Notable Investors Back Millions

The seed round attracted investment from a diverse group, including:

• 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
• MSCHF head of strategy and growth Daniel Greenberg
• CEO of Deel Alex Bouaziz
• CEO of Hellosaurus James Ruben
• CEO of Beek Pamela Valdes
• PM at Facebook (for the Payments Gateway team) Luis Vargas
• co-founder of Block Renovations Koda Wang
• CEO of Nebula Genomics Kamal Obbad
• Plus several co-founders and executives from Warby Parker and Harry’s
• And other fintech-focused investors

Investor Perspectives on Millions’ Potential

Several investors publicly expressed their support for Millions, hinting at the forthcoming MyCard product. This product is expected to reward customers for their everyday transactions.

Joey Zwillinger, Allbirds co-founder and CEO, commented, “This company is creating delight from what would otherwise be the mundane, everyday necessity of swiping a credit card.” He believes the traditional rewards model is outdated and ripe for innovation.

Jeremy Cai, Italic CEO, praised Millions’ ability to build a loyal audience through an engaging customer experience, calling the $1 million giveaway “only the tip of the iceberg.”

Daniel Greenberg, MSCHF head of strategy and growth, stated, “Millions is dedicated to giving away money in crazy ways and I’m happy to be involved.”

Contextualizing Millions’ Launch in a Time of Economic Uncertainty

Millions’ emergence coincides with a period of financial hardship for many, exacerbated by the COVID-19 pandemic and limited government aid. This has intensified societal inequalities and sparked debates about the efficacy of capitalism.

The Millions co-founder acknowledges the current economic climate, arguing that it underscores the relevance of their product. They believe offering both hope and financial assistance is a compelling combination.

Sweepstakes Details and Legal Considerations

*Note: Like many sweepstakes, participation offers a “chance” to win. However, a guaranteed Grand Prize of $10,000 will be awarded to one winner. Realtime Media, a digital promotions company, assists Millions in managing the sweepstakes, while HCC provides insurance for the program.