Ryan Scribner is an angel investor in Yotta.
If you're wondering how Yotta makes money, the answer is pretty straightforward.
Although Yotta is not a bank, it makes money in a similar way to banks.
First, Yotta partners with Evolve Bank & Trust, a member of the Federal Deposit Insurance Corporation (FDIC), to hold customer funds.
Through this partnership, Yotta earns interest on total deposits held with the bank. Most of this interest is passed on to customers, but a small portion is kept as profit.
The second way Yotta makes money is through interchange revenue on card spend. Whenever you use a credit or debit card, the merchant pays a fee to the card network and the issuing bank of the card.
Again, Yotta keeps a small portion of this fee as profit.
Be sure to read our full Yotta review here for more info!
This article was generated using automation technology, and thoroughly edited and fact-checked by an editor on our editorial staff.