Zero Financial, Inc., a San Francisco, CA-based banking startup, closed a $20m Series A financing.
The round, which brought total equity and debt funding raised to date to $35m, was led by New Enterprise Associates (NEA). Other investors in the company included SignalFire, Eniac Ventures, Nyca Partners, and Silicon Valley Bank.
Led by Bryce Galen, Founder & CEO, and Joel Washington, Founder & COO, Zero is a consumer banking startup combining a rewards credit card called Zerocard and an FDIC-insured checking account called Zero Checking.
Its Debit-style experience displays transactions from the card and the account together in the app, with one net number to spend from.
Customers also get the benefit of a system that prevents unplanned or unwanted overspend.
Transactions are enhanced with logos and maps, making it easy to recognize purchases.
A support team is always available, with 24/7 support from its operations center in California.
Zero has partnered with WebBank, a Salt Lake City-based bank, to issue Zerocard. Deposits are held at Evolve Bank & Trust (a Memphis-based bank and Member FDIC) and insured up to FDIC limits.