Is Lodavo Safe and Legit? An Honest Look Before You Download

You’ve found the app and you’re a tap away from downloading. Before you connect your bank account to anything new, you want to make sure it’s the real thing. That’s the right instinct. Here’s every check worth running on Lodavo, answered directly.

Is Lodavo a real company?

Yes. Lodavo is a Canadian startup founded in Montreal in 2024. The app launched nationally on April 30, 2026, covered independently by Global News (opens in a new tab), CTV News (opens in a new tab), and fintech.ca (opens in a new tab).

The company is backed by two well-known organizations in Montreal’s fintech ecosystem:

• Fintech Cadence (opens in a new tab): a Montreal-based non-profit that runs accelerator programs for inclusive and accessible fintech startups across Canada.
• Station Fintech (opens in a new tab): Canada’s largest fintech hub, based in Montreal’s financial district and backed by the Quebec financial sector.

Backing from organizations like these isn’t a rubber stamp, but it does mean Lodavo has been reviewed by people whose job is to evaluate fintech companies, and it operates inside a recognized ecosystem of Canadian startups.

The app is also available on the Apple App Store (opens in a new tab) and Google Play Store (opens in a new tab). Both stores require apps to pass their own security and content review before publishing. That’s an independent vetting step that a fraudulent app typically doesn’t clear.

Can Lodavo access or take money from my bank account?

No. This is the most important question, and the answer is unambiguous: Lodavo can’t withdraw, transfer, charge, or move a single dollar from your bank account. That’s not a policy Lodavo could change behind the scenes. It’s a technical fact about how the connection is built.

Lodavo connects to your savings or chequing account via Plaid (opens in a new tab) with read-only access. In practice, “read-only” means the data runs one way. Your account information, like your savings balance, reaches the app; nothing can travel back the other way, so there’s no capability to start a transaction of any kind. It works more like a bank statement viewer than anything with payment capabilities.

Nothing about your account changes. You spend, transfer, and withdraw exactly as you did before, and the balance keeps earning whatever interest you were already getting. Lodavo uses that balance once a week to count the draw tickets you earned, and that’s the whole job.

How does the Plaid bank connection actually work?

Plaid is the technology layer that connects bank accounts to financial apps. It’s one of the most established names in North American financial data connectivity, used by thousands of apps. Here’s exactly what happens when you connect yours to Lodavo:

Plaid is SOC 2 Type II certified, which means an independent auditor has tested and verified their security controls, not just reviewed a checklist. Data is protected with 256-bit AES encryption in transit and at rest. Their full security documentation is at plaid.com/safety (opens in a new tab).

You can revoke Lodavo’s access any time, either through Plaid’s settings or directly in the Lodavo app. The connection goes away immediately.

Is the weekly draw real and provably fair?

Yes. Lodavo runs a free weekly draw with a guaranteed prize of at least $100 every single week, with a $10,000 jackpot in the pool. Prizes are paid out by Interac e-Transfer or bank transfer.

The draw is what Lodavo calls “provably fair”: the selection method is publicly documented and committed before each draw, so there’s nothing to alter after the fact. You can read exactly how winners are chosen on the provably fair page, and past winning numbers are published on the winning numbers page so the record is permanent.

Every winner must answer a skill-testing question before receiving payment, the same step Tim Hortons Roll Up the Rim and McDonald’s Monopoly put in front of their winners. It keeps a promotional contest clear of the Criminal Code rules on giving away property by chance, which is what separates a contest from a lottery. Parliament never made it mandatory. Sponsors’ lawyers made it universal, and ours is written into the contest rules. The full rules and odds are at the contest rules page.

You don’t have to take anyone’s word for it. The method is locked in before the draw happens, the past results are all on record, and the legal framework is the same one that governs every promotional contest in Canada.

Lodavo trust signals at a glance

What data does Lodavo actually receive?

Lodavo receives your account balance and the transaction data needed to confirm your account is a Canadian deposit account and track your weekly savings. It doesn’t see or ask for your social insurance number, your credit score, detailed employment data, or a full decade of purchase history.

The app is built and operated in Canada and is subject to Canadian privacy law, including Quebec’s Act 25 (Law 25), which sets strict requirements for how companies collect data, obtain consent, and handle personal information. You can read the full privacy policy on the site.

One thing worth noting: Lodavo’s business model depends on you saving more, not on monetizing your data. The prize pool is funded through partnerships and sponsorships, not through selling what they know about you.

The bottom line

Every reasonable due-diligence check clears for Lodavo. It’s a real Canadian company with recognized backing, its bank connection is read-only through an independently-audited provider, the draw results are public and the method is documented, and using the app costs nothing.

If you’re vetting prize-linked savings more broadly, including whether it counts as gambling or how it’s legal in Canada, that’s covered in full at Is prize-linked savings gambling? and How prize-linked savings works in Canada.

You’ve done the checks. Download Lodavo free on the Apple App Store (opens in a new tab) or Google Play Store (opens in a new tab), and start saving with a weekly cash draw attached.

Terms and conditions apply. No purchase necessary (alternate method of entry available). Skill-testing question required. Open to legal residents of Canada who are the age of majority. Odds depend on the number of eligible entries received. Full rules and odds at our contest rules.