Zero Financial, a mobile banking solution and credit card startups, has pulled in $16m in a round made of debt and equity.
The capital was supplied by investors including Eniac Ventures, NEA, Nyca Partners, and Silicon Valley Bank.
This investment comes as the company launches its services to its first public customers. Zero will look to extend its platform invitations to its 160,000-person waitlist over the coming months.
San Francisco-based Zero aims to replace a consumer checking, savings, debit, and credit cards with a single, rewards-supported mobile banking app and physical credit card. The mobile app provides users with tools to view deposits, purchases and transfers, as well as a real-time balance.
There are four card types which offer between 1 3 per cent cash back on purchases and additional rewards of between 0 to 1.75 per cent annually on average net balances.
Zero doesn’t charge fees for membership, foreign transaction, minimum balance, overdraft or others. The only ATM fees charged are those from the ATM owners.
Zero founder and CEO Bryce Galen said,”I started Zero because I was frustrated with the offerings from big banks. I was torn between using a debit card to stay on top of my spending and using a credit card to get rewards, and I wanted to manage my day-to-day finances from an app that’s easy to use, beautiful, and powerful.
?Many other people shared my belief that banking could be far better and more rewarding, so I decided to start Zero.”
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