Lodavo has officially launched across Canada, bringing what it calls the country’s first prize-linked savings app to iOS and Android.
Founded in Montreal in 2022, Lodavo is designed to make saving money feel more engaging by combining personal finance tracking with free weekly cash-prize draws. The app allows users to securely connect their bank accounts, track their savings progress, earn entries based on how much they save, and pick numbers for weekly draws.
Unlike a traditional lottery model, Lodavo says users do not pay to participate. Money remains in a user’s existing Canadian bank account, where it continues earning any interest already offered by that institution. Lodavo uses read-only access to verify balances and savings activity, and says it cannot move, withdraw, or charge funds from linked accounts.
The company’s weekly draws include a guaranteed prize of at least $100 and a top prize of up to $10,000 for users who match all seven winning numbers. Winners are required to complete a skill-testing question, with prizes paid by Interac e-Transfer or bank transfer. The contest is open to legal residents of Canada who are the age of majority, with no purchase necessary and an alternate method of entry available.
Lodavo is positioning the app as a response to Canada’s savings challenges. The company points to data showing that more than one in four Canadians say they would not be able to cover an unexpected $500 expense, while many adults still spend hundreds of dollars each year on lottery tickets. Its thesis is that savings products have historically struggled to compete for consumer attention, and that prize-linked savings can make financial habits more compelling without putting users’ deposits at risk.
Prize-linked savings products have already gained traction in markets such as the United Kingdom and the United States. Lodavo says it is bringing the model to Canada in a mobile-first format, with a free app built for Canadian consumers.
“After years of building, testing, and listening to feedback from thousands of Canadians, we’re thrilled to announce that Lodavo is officially live on the App Store and Google Play,” the company wrote in its launch announcement.
The startup has been supported by Canadian fintech ecosystem organizations including Fintech Cadence and Fintech Station. Lodavo says prize funding comes from partnerships, sponsors, and promotional campaigns rather than user fees.
With the launch, Lodavo joins a growing wave of Canadian fintech companies trying to reshape everyday financial behaviour through consumer-friendly mobile experiences. In this case, the company is betting that making saving feel more rewarding can help Canadians build stronger financial habits—without asking them to move their money, pay a fee, or take on additional risk.
Leave a Reply