Innovative App Coverd Helps Users Take Control of Debt — One Win at a Time
What do you get when you combine Wall Street experience, Silicon Valley tech brains, and a healthy obsession with gaming? For Eric Xu and Albert Wang, the answer is Coverd—a fintech app that lets users play games to win money that goes toward paying off their credit card debt.
It’s a bold idea: take one of the most painful aspects of adult life—financial debt—and gamify it. But for these two founders, it’s not just a gimmick. It’s a carefully engineered attempt to rewire the way people think about money, starting with the $1.1 trillion in credit card debt currently weighing down American households.
The origin story of Coverd reads more like a case study in problem-solving than a startup fairytale. Xu, a former Morgan Stanley analyst, saw firsthand how broken consumer finance had become—especially for everyday Americans. Wang, a former engineer at Google and Hudson River Trading, brought deep technical skills and a passion for user-centric design. Together, they asked one big question: Why does paying off debt have to feel like punishment? Their answer was Coverd—a mobile-native app built on a legal sweepstakes model. Users purchase low-cost “practice coins” and receive free credits called Coverd Cash, which can be used to play games like slots, plinko, and blackjack. Any winnings go directly toward paying off linked credit card balances or into savings.
“We didn’t just want to build another budgeting app,” says Xu. “We wanted to reframe the experience of getting out of debt—to make it feel like progress, not sacrifice.” That mindset shift is core to the app’s design. Unlike traditional finance tools, which often rely on charts, limits, and reminders, Coverd taps into behavioral psychology—small wins, dopamine hits, and the feeling of control. The games are simple and fun, but the stakes are real. For many users, it’s the first time they’ve felt a sense of agency over their finances.
It helps that the platform is entirely legal, operating under U.S. sweepstakes regulations rather than gambling laws. That compliance unlocks access across 38 U.S. states, with more to follow.
But the real secret behind Coverd’s rise may be its founding team’s dual perspective: they understand both how money works and how people behave. Xu brings a finance-world view of debt and its crushing impact, while Wang focuses on user behavior and digital engagement.
That blend is rare—and effective. Already, Coverd has built a loyal user base and is preparing to launch the Coverd Card, a no-annual-fee credit card that offers up to 100% cash back and sweepstakes entries with every swipe.
“Financial stress is universal,” Wang says. “But financial tools don’t have to be joyless. We’re proving that you can take a serious problem and approach it in a way that’s both responsible and rewarding.” With Coverd, the duo may have done something few others have: taken a Wall Street problem and built a Silicon Valley-style solution—for everyone else.
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