Reinventing premium bonds to make them more accessible for younger generations, UK-based fintech company EVERYTHING has raised €2 million. The round saw the participation of a group of high-profile angel investors and entrepreneurs, including Sujay Tyle (Merama co-founder & CEO), Peter Lindholm and Ricardo Donoso (Frontier Car Group founders), Albin Johansson (Axel Arigato co-founder), and angel collective Framtid.
Founded in 2021 by Adam Lewestam, Thorir Gudlaugsson, and Michael Wilkinson, the startup is on a mission to build the next social finance experience for Gen Z and young millennials. With the new funding, the free to join and use platform will roll out a debit Mastercard in the UK in the coming months. It has already opened up a waitlist for people to sign up.
Talking about reinventing the premium bonds, Michael Wilkinson, Co-founder and COO at EVERYTHING said: "Premium Bonds are the UK's biggest and probably most-loved savings product. It has not evolved for decades but remains popular across age groups, often gifted across generations. We want to reinvent Premium Bonds to make them more accessible for younger generations and inject the excitement of winning into everyday finances."
Users can win instant cash rewards every time they tap, spend, or save money on the platform. The company will pool together a part of their revenue and allocate it to different reward buckets ranging from £1 up to £1 million. When a reward threshold has been funded, the next user who makes a payment becomes the winner. They will be notified in real-time through the app and their rewards will be deposited straight into their account.
To increase the chance of winning, people can also invite their friends and family to their own "SQUADS" and have a chance to win every time they tap or save too. EVERYTHING is using the regulated and authorised banking-as-a-service provider Railsbank to offer its services.