Zero, a San Francisco, California-based banking platform that promises a credit card and checking account combo offer, as per recent reports, has just closed a Series A round, raising $20 million in investment funding. The San Francisco-based Zero will now be scaling up to serve its waiting list of 200,000 people.
Zero’s recent Series A funding round was led by New Enterprise Associates (NEA), a Chevy Chase, Maryland-based venture capital firm. With this recent funding round, Zero’s total equity and debt funding, has now raised to a total of $35 million.
With its “bank-like debit and earn like credit” solution offering to customers, Zero provides a rewards credit card – Zerocard and a checking account. With the Zero app interface, both the transactions from Zerocard and Zero Checking account are together displayed in one single app interface. Furthermore, the app interface system is also adept at preventing unplanned or unwanted overspends.
Zero’s Zerocard, which is being issued with WebBank’s assistance, is a World Mastercard that is issued at four different levels – ranging from Quartz, which promises a 1% cashback-earn on all purchases, all the way to the Magnesium card that promises a 3% cashback. The two top-tier Zerocards come in a solid metal design.
“Apple recently made headlines by saying they’re launching the first credit card that encourages you to pay less interest. I think we’ve done one better and launched the first credit card that encourages you to pay no interest,” says Bryce Galen, Founder & CEO, Zero.