Zero Financial, Inc., a San Francisco, CA-based fintech startup, raised a total of $16m in equity and debt funding.
Backers included Eniac Ventures, NEA, Nyca Partners, and Silicon Valley Bank.
Led by Bryce Galen, Founder & CEO, and Joel Washington, Founder & COO, Zero replaces checking, savings, debit, and credit cards with a rewards-rich banking experience powered by the Zero mobile app and Zerocard. The app displays deposits, purchases, and transfers in one place with a real-time net balance, giving users a number to spend from and track.
It has four card levels: Carbon, Magnesium, Graphite, and Quartz.
With Zerocard Carbon, customers can earn 3.0% cash back on purchases and additional rewards of 1.75% annually on average net balances. Magnesium, Graphite, and Quartz level customers can earn 2.0%,1.5%, and 1.0% cash back on purchases and additional rewards of 1.00%, 0.50%, and 0% annually on average net balances, respectively. To earn cash back and rewards beyond one percent, the balance on Zerocard needs to be paid in full each month from deposits in a Zero account.
Zero has partnered with WebBank, a Salt Lake City-based bank, to issue Zerocard.