FinTech Startup Zero Secures $8.5 Million

Zero closed $8.5 million in financing led by Eniac Ventures, with participation from New Enterprise Associates, Nyca Partners, Lightbank and Middleland Capital.

Zero aims to be the first banking experience to combine the balance oversight of a debit card with the rewards of a credit card. It is powered by a mobile app and Zerocard, a solid metal card that comes in four levels, varying by rewards percentage and minimum annual spend to qualify. The highest level card, Zerocard Carbon, gives customers three percent cashback on all purchases. The company claims it “also gives customers higher interest on deposits than leading savings accounts and has none of the typical fees charged by traditional banks.” Other features include an Intelligent Advisor that forecasts balances, no ATM fees at more than 50,000 locations, and customer support via in-app live chat.