Zero builds a rewards credit‑card product (Zerocard) that is integrated with an FDIC‑backed Zero Checking account so customers see one net balance and avoid overspending. The Zerocard is a World Mastercard that earns cash back, while Zero Checking removes many typical bank fees (no annual, foreign transaction, minimum balance or overdraft fees). Customers must pay balances in full to receive full cash‑back rates; the company makes money primarily from interchange and interest on deposits. Zero launched in November 2018 to a small number of customers and remains iOS‑only, with an Android version expected in August. It operates a large waitlist—204,000 people waiting to be allowed in—and uses product features and a referral program to drive upgrades (Quartz 1% back up to Carbon 3% back). The company partners with WebBank to issue the card and holds deposits at Evolve Bank & Trust. Zero is developing the Zerocard, a credit card that functions like a debit card by updating users in real time on deposits, purchases, transfers and net available balance to avoid long-term debt. The Zerocard processes on credit card networks, which enables consistent cash back between 1% and 3% for all purchases. Users can increase their cash back percentage by referring customers or meeting spending requirements. The card has not launched yet; Zero reports a 150,000-person waitlist and plans to launch in 2018. Customers must open a new checking account with Zero and an undisclosed partner bank; Zero says that partner bank is FDIC-insured. Zero is headquartered in San Francisco, has 12 employees, and is led by founder and CEO Bryce Galen. Zero is a San Francisco mobile banking startup that offers a mobile app paired with a Visa card that functions like a debit card and delivers varying rewards with cash back on all purchases. Cash rewards are unlimited and automatically deposited monthly. Other product features include an Intelligent Advisor that forecasts balances, fee-free ATM access at more than 50,000 locations, and in-app live chat customer support. Led by CEO Bryce Galen and COO Joel Washington, the company raised $2.5M in seed funding. The round was led by Eniac Ventures with participation from New Enterprise Associates, Nyca Partners, Lightbank, and Middleland Capital. Zero says it will use the funds to continue developing the platform.

Total raised

$31M

Funding rounds

3

Latest round

Series A

Latest activity

May 2019