Have a savings Blast with new gaming app
Blast, the savings app through gaming, has recently launched following the raise of a $5 million seed round in March, dedicated to launching the app out of its beta stage to full release.
The app is aimed at the global 2.6 billion gamers market, and helps them save money based on “trigger savings,” which are then multiplied in three ways: interest paid on balances, dividends from “missions,” and weekly leaderboard payouts.
This trigger can be set to unlocking in-game achievements, defeating enemies, destroying turrets etc, in games like League of Legends, Counter-Strike: Global Offensive, Candy Crush or Clash Royale.
Gamification in gaming is nothing new (duh), but combining that with savings is an interesting proposition. Blast is currently in closed beta and will launch soon.
The company was created by Walter Cruttenden, chairman and co-founder of Acorns, who comments: “The recent advances and cost reductions in micro-payments and transfers makes this possible and can improve outcomes (and literally income) for the 500 million people that already have micro-investing accounts.”
Dividends are earned through “missions”, through which gamers test new games or “take their favourite games to the next level”. The Blast “leaderboard” allows gamers to receive up to $10,000 each week based on the rank they achieve.
As the balance builds, a user can elect to let it grow, use the funds for in-app-purchases in their favourite games, move it to a partner institution to be invested, or just take it out and spend it.
The funding was raised by investors including the Forbes and Roth families, Core Innovation Capital, Great Oaks Venture Capital, Snowmass Private Equity, Wilson Sonsini Goodrich & Rosati.
On the topic of gaming and fintech, we recently covered Razer’s forages in the world of payments.
Not too long ago either, we discussed why Nvidia is rearranging its efforts into supporting artificial intelligence (AI).