Fintech Startup AutoLotto Raises $17 Million
AutoLotto completed $17 million in Series A financing. Four investors participated in the funding, among them iHeartMedia, Fortress Investment Group, and GateHouse Media.
AutoLotto is a mobile lottery ticket management service that allows users to play and monitor Powerball lotteries instantly and securely. Instead of having to wait in long lines and get cash from ATMs, AutoLotto allows users to purchase Powerball tickets in as easy as two taps. The company charges no fees or commissions. Since the AutoLotto tickets are in digital format, buyers no longer have to worry about losing their tickets and the prizes.
According to the company, Autolotto is considering expanding beyond the lottery market.