Zero, a San Francisco, CA-based mobile banking startup, secured $8.5m in funding.
The round was led by Eniac Ventures with participation from New Enterprise Associates, Nyca Partners, Lightbank and Middleland Capital.
The company is using the funds to continue to build the product.
Led by Founder & CEO Bryce Galen, Zero provides a new mobile banking experience that combines the features of debit and credit cards and offers up to 3% cash back. The app allows the card to act like a debit card, where deposits, purchases, and transfers appear in one place in the app with a real-time, net balance. The card 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.
Almost 150,000 people have signed up for the Zero waitlist.