FinTech banking app that uses crypto on its backend Eco unveiled that a slew of celebrity and athlete investors had participated in the $26m round that took place in March this year.
The funding round led by Andreessen Horowitz included Sean ‘Diddy’ Combs, Tiffany Haddish, Kevin Durant’s firm Thirty Five Ventures, Carmelo Anthony and Stuart Goldfarb’s firm Melo7 Tech Partners, Keisuke Honda, Kelvin Beachum Jr., NFL star Larry Fitzgerald and DJ 3LAU.
The round also counted Coinbase, Pantera, Founders Fund, Slow Ventures, and many more as investors.
The PayPal and Stripe competitor rewards users with a cashback system similar to credit card points. It generates returns by lending users’ deposits out in the stablecoin USDC. It is also developing features to help users pay bills, send money to friends.
The company has raised $34.5m in total funding and its app is still in a closed beta. While Eco won’t share its user numbers so far, it said it has 170,000 people on its waitlist.
Commenting on the star-studded investors, Eco CEO Andy Bromberg said, “These investors are role models to so many people around the world. They’ve already won within the existing system. But by backing Eco, they are voting with their dollars for a better future — one where everyone is in control of their own money.”
Actress and comedian Haddish is bullish about the firm’s growth. She said, “I’m excited to be involved in Eco’s mission to transform how people save, earn, spend and send their money. Eco is providing much-needed transparency and control to users, and I think they have a real opportunity to reimagine how people think about money.”
NBA All-Star and co-founder of Melo7 Tech Partners Anthony added, “Melo7 Tech Partners is thrilled to partner with Eco in their mission to empower people to take control of their finances. Regardless of gender, race or income level, financial freedom is a right that everyone deserves, and that starts with financial literacy.”
Thirty Five Ventures co-founder Rich Kleiman stated, “Eco’s model is simple and provides real, tangible value to its users, who have outgrown the confusing terms of traditional banking. As investors, we’re excited to help them grow in the journey to provide more people with financial freedom.”
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