Yotta is not a bank. Yotta does not hold any customer funds. We partner with Evolve Bank & Trust, an FDIC insured bank, where customer funds are held. Though we are not a bank, we make money in a similar way to banks.

The first way is through interest on deposits. Our partner bank, like most banks, earns revenue from lending. From this revenue stream, they pay us interest on total deposits held with them. We pass on most of this interest to our customers through our Daily Drawing Sweepstakes, but keep a small portion as profit.

The second way we make money is through interchange revenue on card spend. When you use a credit or debit card, the merchant pays a fee to the card network (MasterCard, Visa, etc.) and to the issuing bank of that card. They pay this fee for the convenience of being able to accept payments via cards. We get paid a portion of this fee on every transaction. This is how we power our Lucky Swipes and the rewards for using our cards. Similar to interest on deposits, we keep a small portion as profit.