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EVERYTHING Raises €2M to Re-Invent Premium Bonds
EVERYTHING, a UK based fintech company on a mission to build the next social finance experience for Gen Z & young millennials, has raised €2m from a group of high profile angel investors and entrepreneurs, including Sujay Tyle (Merama co-founder & CEO), Frontier Car Group founders (Peter Lindholm, Ricardo Donoso), Albin Johansson (Axel Arigato co-founder), and angel collective Framtid.
EVERYTHING, which is free to join and use, will be launching a debit Mastercard in the UK that will be targeting Gen-Zs and young millennials, where users can win instant cash rewards every time they *tap*, spend or save money. It is an evolution of the UK’s most popular savings method, Premium Bonds, with a social twist. 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.
The way it works is simple, the company pools together a part of their revenue and allocates 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 EVERYTHING app and their rewards are deposited straight into their account.
“Premium Bonds are the UK’s biggest and probably most loved savings product. Premium Bonds haven’t evolved for decades but remain 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 like spending and saving without the risk of losing,” said Michael Wilkinson, co-founder and COO at EVERYTHING.
With the new funding, the company plans to launch in the UK in the coming months and has already opened up its waitlist for people to sign up. EVERYTHING is using the regulated and authorized banking-as-a-service provider Railsbank to offer its services.
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U.S. Bank Leverages Gen AI for Banking Services
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