The round brings Zero’s total raised to date to USD 35 million, including both equity and debt funding. Other investors in the round include SignalFire, Eniac Ventures, Nyca Partners, and some unnamed school endowments. Zero had previously announced an USD 8.5 million raise in fall 2017, led by Eniac, and had raised USD 7 million in venture debt from Silicon Valley Bank.
Zero wants to target millennials, offering a rewards credit card that works like debit. The Zerocard is a World Mastercard that earns credit card cash back. Unlike a traditional credit card, it is combined with an FDIC-backed checking account called Zero Checking. Zerocard and Zero Checking work together in the app, allowing cardholders to see one net number they can spend from.
The card does not charge annual fees, while Zero Checking does not add any additional ATM fees beyond what the ATM owner charges. It also does away with foreign transaction fees, minimum balance fees, and overdraft fees.
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