Spending and wealth optimisation platform Enzo has snared $3m from a seed funding round led by White Bay Group.
Founded earlier this year, Enzo seeks to empower its users with a spending account that features cash back on certain purchases – the company provides 10% cashback on Uber and 5% on DoorDash as just two examples.
Enzo also intends to feature a high-yield checking account that offers 0.5% APY, wealth management advice, financial planning, $0 fee trading and investing products that are designed to build wealth.
The company claims it has already attracted a wait list of over 20,000 for its app, which is expected to launch later this year. Enzo will also grant equity to early members of its platform.
Enzo CEO Jeremy Shoykhet said, “The boom in consumer FinTech has done a great job of ‘democratising’ access to tools and products in a piecemeal fashion — but not necessarily in helping consumers leverage that to achieve what they care about: building real wealth. We’re looking to change that. We started Enzo because we kept seeing our friends and colleagues — smart, successful people — make the same money mistakes that got in the way of achieving their financial goals.”
White Bay group founder and board member Uri Cohen added, “Enzo offers a unique product designed to encourage behaviour that leads to wealth building, rather than encouraging excessive spending, borrowing, or trading. Enzo’s equity program is a novel approach aligned with its mission of helping its members build long-term wealth.”
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