20 July 2018
Visit www.avoka.com

Mobile banking startup Zero raises $8.5m

23 October 2017  |  5232 views  |  0 Source: Zero

Zero, a new mobile banking experience that combines the best features of debit and credit cards and offers up to 3% cash back, announced today that it has raised $8.5 million in funding, led by ENIAC Ventures.

Other investors include New Enterprise Associates, Nyca Partners, Lightbank, and Middleland Capital.

Zero wants to replace your existing checking, savings, debit and credit card accounts with a rewards-rich, unified banking experience powered by a mobile app and a Visa card called Zerocard. The app allows Zerocard to act like a debit card, where deposits, purchases, and transfers appear in one place in the app with a real-time, net balance. Zerocard processes on credit card networks, thus enabling Zero to pay customers unlimited cash back at a flat 1.0% to 3.0% rate on all spending regardless of category. Zero also pays customers a high annual percentage on their average daily net balance, competitive with the best interest rates on deposits paid by leading banks, and charges none of the most annoying fees of traditional banks. Almost 150,000 people have signed up for the Zero waitlist.

“We’ve been blown away by the level of enthusiasm we have seen,” said Zero Founder & CEO, Bryce Galen. “Almost 150,000 people have signed up for Zero, and our waitlist continues to grow each day. Consumers across the country have shown that they are excited about Zero, and we are grateful to have the resources needed to ensure a seamless product launch.”

"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," said Tim Young, founding general partner at Eniac Ventures. "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."

Zerocard comes in four levels, offering cash back on card spending from 1.0% to 3.0%. Customers can increase their cash back level by referring friends and family to become Zero customers or by meeting annual spend requirements.

Zero reshapes the cost structure in banking through reduced overhead such as brick and mortar locations and advertising. By processing on credit card networks and taking a mobile-centric, referral-based approach to acquiring customers, Zero can provide better rewards than traditional banks. 

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit info.nice.comVisit http://go.jumio.com/finextraAd

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
12170 views comments | 5 tweets | 7 linkedin
Metro Bank opens developer portalMetro Bank opens developer portal
10088 views comments | 5 tweets | 14 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
9772 views comments | 6 tweets | 15 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
9359 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9331 views 19 comments | 14 tweets | 30 linkedin

Featured job

Competitive base, double ote, benefits
New York City, NY - USA

Find your next job