Digital wallet Eco bags $26m in new funding round led by Andreessen Horowitz

Digital cryptocurrency platform Eco raised $26m in a funding round led by Andreessen Horowitz’s digital asset-based VC arm a16z Crypto.

The round saw the involvement of Slow Ventures, Pantera Capital, Anthony Pompliano, Blockchange Ventures, Coinbase Ventures, Activant Capital, Founders Fund and over 100 others.

Focused on expanding the benefits of a digital-asset based wallet to more people, the firm aims to use the investment to meet the increasing demand and develop its product further.

Including the new funding round, Eco has secured circa $35m since its inception in 2018.

Eco is a digital wallet used as a payment tool around the world for everyday transactions. The company enables its users to pay bills and send money to family and friends “all from the same, single wallet,” it said.

The wallet also rewards people every time they spend or save. Users can earn up to 5% annually on their deposits while also receiving 5% cashback when spending at a host of merchants and companies.

Detailing on Eco’s services, Eco CEO Andy Bromberg said, “Eco puts your money back to work for you. It’s not a bank, checking account, or credit card — we’re building something better than all of those combined.”

Bromberg added that digital banking and wallets are becoming increasingly mainstream as “existing financial infrastructure is failing us, and we deserve something better.”

Highlighting its future plans, the crypto cashback app said, “While improving existing systems is certainly a technological and economic challenge, it’s also a social challenge first.

“Our priority is to build a product that offers you dramatic benefits and improves your life — and only after that does anything else matter.”

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