Zero Financial Inc., which is a California and San Francisco based fintech startup has now secured $16 Million in the debt and equity funding from the NEA, Nyca Partners, Eniac Ventures and Silicon Valley Bank.
The startup which is led by the Bryce Galen, CEO and Joel Washington, COO. Zero Financial replaces the savings, credit, debit cards and checking with a rewards rich banking experience which is supported by the Zero mobile app and Zerocard. The app displays the purchases, deposit, transfers in one place with the real-time scenario net balance, which gives users a number to spend from and track.
It has the four card levels which include the Carbon, Magnesium, Graphite, and Quartz.
With the Zerocard carbon, the customer can earn around 3.0% cash back n the purchases and an additional reward of 1.5% annually on the average net balances. Graphite, Magnesium, and Quartz level customers can earn the 2.0%, 1.5%, and 1.0% cash back n the purchases and the additional reward of 1.00%, 0.50%, and 0% annually on the average net balances.
Zero Financial has also partnered with the WebBank, which is s Salt Lake Based bank to issue the Zerocard.
“Few people understand how complex it is to launch either a credit card or a checking account program, and I believe Zero is the first US startup to launch both. Zero creates an innovative debit-style experience, with an elegant design, and truly compelling rewards. It's a fabulous banking experience,” said Hans Morris, Managing Partner of Nyca Partners and former President of Visa, Inc.
“I started Zero because I was frustrated with the offerings from big banks. I was torn between using a debit card to stay on top of my spending and using a credit card to get rewards, and I wanted to manage my day-to-day finances from an app that's easy to use, beautiful, and powerful. Many other people shared my belief that banking could be far better and more rewarding, so I decided to start Zero,” said Bryce Galen, Founder & CEO of Zero.
“We have a fast-growing team experienced in building world-class tech and banking products, and after more than two years of business development, software development, and product testing, Zero has launched,” said Joel Washington, Founder & COO of Zero. Team members come from Affirm, Apple, Capital One, Dropbox, First Data, Google, Postmates, Shift, Silicon Valley Bank, The Bancorp, Upgrade, Wells Fargo, and Zynga.
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