Long Game, a startup that uses gamification to encourage users to save, announced on Tuesday it has raised $4 million in seed funding from Collaborative Fund and Thrive Capital, among others.
The new capital adds to the $2.6 million Long Game raised in 2016, the company said in a press release.
Long Game, based in San Francisco, uses behavioral economics and the mass popularity of lottery games to redirect lottery spending toward savings. Users create savings accounts and are rewarded with virtual coins, which can be used to play games on the mobile app. To date, Long Game has nearly 70,000 users who are adding an average of $60 to their savings account each month, the company said.
“We built Long Game to empower people to feel proud and hopeful about their personal finances and to make smart money decisions fun and rewarding,” Lindsay Holden, founder and CEO of Long Game, said in the release.
The company said the funding will enable it to continue product development, drive user acquisition, boost marketing initiatives and make new hires.
Using gamification to spur users to save or develop good spending habits is becoming popular in banking.
Some banks, in an effort to attract younger customers, have begun offering such features in mobile apps.
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