back Back

Digital wallet Eco raises $26mn+ in new funding led by a16z Crypto

By Pavithra R

March 08, 2021

  • America
  • Eco
Share

Digital wallet Eco raises $26mn+ in new funding led by a16z Crypto
Andy Bromberg, CEO at Eco

Eco, a digital wallet for saving and spending, has announced securing $26 mn in an investment round led by a16z Crypto, with participation from Founders Fund, Activant Capital, Coinbase Ventures, Slow Ventures, and more than one hundred others.

The firm has secured more than $35 mn in funding. Previously, it has raised $8.5 mn investment led by Expa and Pantera Capital.

“For the first time since the 1970s, we are all losing purchasing power by leaving money in our bank accounts. Because of this—just as we did in the 1970s when money market accounts, credit cards, and individual brokerage accounts became mainstream—we’re seeking alternatives to existing financial products.

But today, there’s a second trend at play: trust in institutions is plummeting. Not only is everyone looking for alternatives, but they are open to new ideas from non-institutional players,” wrote Eco in its blog.

Founded in 2018, Eco puts user’s money back to work for them. With Eco, users can earn up to 5% annually on deposits and get 5% cashback on spending at major merchants, including Amazon, Uber, and more. The firm is developing features to help users pay bills, send money to friends, and more, all from the same single wallet.

“Eco is arriving at the moment we need it most — existing financial infrastructure is failing us, and we deserve something better. Eco puts your money back to work for you. It’s not a bank, checking account, or credit card — we’re building something better than all of those combined,” said Andy Bromberg, CEO at Eco.

Eco is currently focussed focused on expanding the benefits offered to users, meeting the increasing demand for the product, and building towards the future of novel, aligned financial services business models.

Previous Article

March 05, 2021

Betterment acquires Wealthsimple’s U.S. book of business

Read More
Next Article

March 08, 2021

BetaShares receives investment from TA Associates to fuel growth plans

Read More








IBSi Daily News Analysis

Fraud

February 23, 2024

America

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Vencora acquires CREALOGIX to expand its banking technology services

Read More

Today

Axway to buy most of Sopra Banking Software activities for €330m

Read More

February 22, 2024

Kani Payments taps Pismo for data reconciliation and reporting

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023