Bryce Galen, Founder & CEO of Zero

California-based Zero Financial has secured $20 million in a Series A financing round led by New Enterprise Associates (NEA) total equity and debt funding to date to $35 million from leading investors including NEA, SignalFire, Eniac Ventures, Nyca Partners, and Silicon Valley Bank.

“Few people understand how complex it is to launch a credit card or a checking account program,” said Rick Yang, Partner at NEA. “Zero is the first US startup to launch a fully integrated and elegantly designed product with both from scratch. Importantly, Zero gives consumers the ability to fully control and understand their own spend, without compromising on rewards — something that traditional account options have failed to provide.”

Zero is built by combining a rewards credit card called Zerocard and an FDIC-insured checking account called Zero Checking. It displays transactions from Zerocard and Zero Checking together in the Zero app, with one net number to spend from. Customers also get the benefit of a system that prevents unplanned or unwanted overspend.

“Apple recently made headlines by saying they’re launching the first credit card that encourages you to pay less interest,” said Bryce Galen, Founder & CEO of Zero. “I think we’ve done one better and launched the first credit card that encourages you to pay no interest.”

“If you’re someone who spends $30,000 a year and maintains an average of $30,000 in deposits, you’ll earn $0 in cash back and interest with a typical debit card and non-interest bearing checking account, and $1,425 a year with your Zerocard Carbon1,”  said Joel Washington, Founder & COO of Zero.  “And it takes just a few minutes to sign up.”

Founded in 2016, Zero aims to provide a modern banking experience combined with the capabilities of a debit card and the cash back of a credit card.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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