Sep 26, 2023

September 25, 2023 Owen Monagan New York-based Layup , a challenger bank offering prize-linked savings accounts for sports fans, has raised $2.3 million in a seed round led by Chicago’s Continental Investment Partners. Chicago Ventures and New York’s Entrepreneurs Roundtable Accelerator joined the round for the bank bringing a practice long entrenched in the United Kingdom and Ireland. Founded by the Irish duo of Owen Monagan and Oisin Tiernan, Layup targets sports fans with raffles, offering varied rewards for account holders. Essentially, the bank distributes some interest payment or marketing dollars as prizes based on chance. Tapping Sporting Culture “It’s time for sports to put money back into fans’ pockets, and our no-lose games do just that,” said Monagan, who serves as Layup’s CEO. “Layup’s focus on fun and excitement is our hook to get sports fans off sportsbooks and into saving. Responsibility is our mission, but competing for attention is how we get there,” added the Irishman, who worked briefly at the dating app Hinge. “Owen and I grew up in Ireland, where we were exposed to a culture that understands the benefits of PLSA and the negatives of sports betting,” said Tiernan, Layup’s chief technology officer, referring to prize-linked savings accounts. citybiz+ Sponsors