San Francisco-based mobile banking platform Zero has scored a $8.5m in funding round led by Eniac Ventures.
Other commitments to the round came from firms including New Enterprise Associates, Nyca Partners, Lightbank, and Middleland Capital.
Zero combines checking, savings, debt and credit card accounts into a single mobile app and Visa card. Through the app, Zerocard is useable like a regular debit card, making deposits, purchases and transfers, with a real-time balance.
The platform is processed on credit card networks, allowing customers to earn cash back at a flat 1 to 3 per cent rate on spending. Zero also pays users an annual percentage on their average daily net.
Eniac Ventures founding general partner Tim Young said, “Over the past few years we have seen a major shift in the way people are banking, and the financial industry has struggled to adapt to the debit-first generation. We are excited to be working with Zero because they have built a strong team around the first product that brings together the ease of debit, flexibility and rewards of credit, and unique AI driven insights.”
Last year the company raised a $2.5m funding round led by Eniac Ventures and also saw commitments from New Enterprise Associates, Nyca Partners, Lightbank, and Middleland Capital.
Earlier this year Eniac closed its fourth vehicle on $100m with a focus on seed-stage opportunities. The fund will focus on recruitment, PR, operations, business development, networking and fundraising.
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