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.
To learn more about Zero and sign up for early access, visit zerofinancial.com.
About Zero
Zero wants to replace your bank. Serving initial customers this year, with increased capacity in 2018, Zero is launching the first banking experience that combines debit-style functionality with credit card rewards. Zero is powered by a mobile app and Zerocard, a Visa card that comes in four levels with varying rewards. The highest level card, Zerocard Carbon, gives customers unlimited cash back at a flat 3.0% rate on all spending regardless of category. Zero customers also earn a high annual percentage on their average daily net balance, competitive with the best interest rates on deposits paid by leading banks. Zero also eliminates all of the most annoying fees charged by traditional banks. Other features will include an Intelligent Advisor that forecasts balances, no ATM fees at more than 50,000 locations, and customer support via in-app live chat. Zero’s investors include ENIAC Ventures, New Enterprise Associates, Nyca Partners, Lightbank, and Middleland Capital. To keep up with Zero, get in touch on Twitter, Facebook or visit zerofinancial.com.
