Wealthsimple launched Monthly Millionaire as a recurring series of contests, with one $1-million grand prize each month and smaller weekly prizes leading to each monthly draw.
At launch, registration provided 500 entries to a client with a funded chequing account. Each dollar of qualifying net funding provided another entry, a qualifying referral provided 5,000 entries, and an eligible direct deposit doubled the total. Entries were capped at 100,000 per monthly contest, and withdrawals or external transfers generally reduced the net-funding entry count.