The partnership with PIMS-SCA means that EverUp will be able to offer its customers the UK’s first digitally native, prize linked savings app. EverUp plans to rival other well-known saving vehicles such as NS&I’s Premium Bonds, with its own tax-free cash prize incentives and draws.
EverUp customers will benefit from a gamified savings experience, where they will earn virtual coins based on how much they are saving and for performing other in-app actions, such as signing up, opening an account, signing in, levelling up and inviting friends to join. The more they save, the more they will be rewarded with coins that can be used to play games, giving them the chance to win tax-free Jackpot cash prizes insured through PIMS-SCA. Customers never use their own money to play and can withdraw their funds at any time, with no fees.
By providing EverUp with a prize indemnity insurance policy, which is underwritten by certain underwriters at Lloyds, PIMS-SCA is helping EverUp to cover the exposure generated by the jackpot prizes they will offer in their weekly draws. EverUp will also utilise the PIMS-SCA DrawServer™ giving them secure, auditable, and truly random draw results, to ensure fairness for all EverUp customers.
Egidio Messito, Co-founder and COO at EverUp, said: Having worked with both PIMS-SCA and certain underwriters at Lloyds over the past 10 years to structure insurance-linked gaming and lottery products, I had no hesitation to choose them as our preferred partners to package a prize indemnity policy that would cover our jackpot. PIMS-SCA will also provide our draw services, ensuring independency and complete security. We look forward to continue working with PIMS-SCA and underwriters at Lloyds, as we evolve our prize-linked suite of personal finance products, to include more exciting games and lotteries and higher jackpots, as we reward our customers for saving more and solidifying good financial behaviours.
Matthew Butcher, Director at PIMS-SCA said: “We are very happy to be working with EverUp for their prize insurance and independent draw requirements. We believe that giving their customers a gamified experience and the chance to win life changing prizes, will ultimately help Everup to grow into a widely recognised and admired financial brand. We look forward to joining EverUp on their journey and enabling them to level up their prize offerings to new heights in the future. PIMS-SCA believes that FinTech solutions such as EverUp, will provide consumers with a more rewarding and fun experience, far removed from the traditional legacy financial services providers.”
About PIMS-SCA
PIMS-SCA is an approved Lloyds Broker, with over 30 years’ experience providing prize and promotional insurance solutions to clients Worldwide. PIMS-SCA works with a wide range of clients such as Lotteries, FMCG brands, Gaming & Betting companies to help them to minimise their financial exposure to paying out on high jackpot prize wins or greater than expected responses to their promotions by their customers.
We work with our clients to structure cost effective fully insured solutions, removing the financial uncertainty and enabling them to focus on delivering fantastic products and service to their customers.
About EverUp
EverUp is a prize-linked savings startup, launching the first UK digitally-native prize-linked money account that rewards customers for saving by giving them a chance to win tax-free cash prizes. EverUp’s mission is to make saving fun and get everyone saving. EverUp aims to build over time a full-scale financial hub where their customers can accomplish all types of financial transactions, while being rewarded for solidifying good financial behaviours through a prize-linked suite of personal finance products.
EverUp Ltd, based in London, is a registered EMD agent of Modulr FS Limited which is an electronic money institution authorised by the Financial Conduct Authority (FRN: 900573). EverUp Ltd is listed on the Financial Services Register with reference no. 902939. EverUp has been accepted into the FCA Innovation Hub – Direct Support function.
*Disclaimer: The EverUp savings app is not a savings account provided by a bank. It is an e-money account provided by Modulr under its EMI licence. The EverUp savings app does not pay any interest or dividends.
