Zero Lands $16M Financing Round

Zero replaces your checking, savings, debit, and credit cards with a rewards-rich banking experience powered by the Zero mobile app and Zerocard. The app displays deposits, purchases, and transfers in one place with a real-time net balance, giving you one simple number to spend from and track.

"Few people understand how complex it is to launch either a credit card or a checking account program, and I believe Zero is the first US startup to launch both. Zero creates an innovative debit-style experience, with an elegant design, and truly compelling rewards. It's a fabulous banking experience," said Hans Morris, Managing Partner of Nyca Partners and former President of Visa, Inc.

Zero has four card levels: Carbon, Magnesium, Graphite, and Quartz. Zerocard Carbon customers can earn 3.0% cash back on purchases and additional rewards of 1.75% annually on average net balances. Magnesium, Graphite, and Quartz level customers can earn 2.0%,1.5%, and 1.0% cash back on purchases and additional rewards of 1.00%, 0.50%, and 0% annually on average net balances, respectively. To earn cash back and rewards beyond one percent, the balance on Zerocard needs to be paid in full each month from deposits in a Zero account. Zero makes this easy — Debit-style Experience automates Zerocard payments and prevents spending that would make your net balance negative. Learn more on Zero's website, zero.app.

"I started Zero because I was frustrated with the offerings from big banks. I was torn between using a debit card to stay on top of my spending and using a credit card to get rewards, and I wanted to manage my day-to-day finances from an app that's easy to use, beautiful, and powerful. Many other people shared my belief that banking could be far better and more rewarding, so I decided to start Zero," said Bryce Galen, Founder & CEO of Zero.

Zero also announced today that it has launched to its first public customers. Zero will extend more invitations in the next few months to its 160,000-person waitlist. "We will offer the best banking experience by welcoming customers at a measured pace. Thank you to our waitlist members for your patience and support — we're excited to invite you to apply when we reach your position," said Galen.

"We have a fast-growing team experienced in building world-class tech and banking products, and after more than two years of business development, software development, and product testing, Zero has launched," said Joel Washington, Founder & COO of Zero. Team members come from Affirm, Apple, Capital One, Dropbox, First Data, Google, Postmates, Shift, Silicon Valley Bank, The Bancorp, Upgrade, Wells Fargo, and Zynga.

Zero has partnered with WebBank, a Salt Lake City-based bank, to issue Zerocard. "With industry-leading rewards, innovative spending oversight features, and a beautiful and powerful app, Zero is a transformative banking experience," said Jason Lloyd, EVP, Strategy & Business Development at WebBank. Zerocard is a World Mastercard. Deposits are held at Evolve Bank & Trust (a Memphis-based bank and Member FDIC) and insured up to FDIC limits.

About Zero
Zero, headquartered in San Francisco, California, is a financial technology company that enables consumers to experience the things they like about debit cards — such as having a clear idea of how much money they have to spend — with the cash back and flexibility of a credit card. Zero doesn't charge membership fees, ATM fees beyond what the ATM owner charges, foreign transaction fees, minimum balance fees, overdraft fees or many of the other fees that you've come to expect from typical bank accounts. At the Carbon level, all ATM fees charged by the ATM owner are refunded. To keep up with Zero, get in touch on Twitter, Facebook, Instagram, or visit zero.app.

About WebBank
WebBank, headquartered in Salt Lake City, Utah and organized in 1997, is an FDIC-insured, state-chartered industrial bank that extends credit to borrowers throughout the U.S. and operates under federal banking law. WebBank is the bank behind many of today's growing, customer-centric brands. It is a national issuer of online consumer and small business loans through brand partners which include retailers, OEMs, and financial technology companies. In addition, WebBank is a leader in digital lending and driving innovation in financial products through strategic partner relationships. Providing customized credit products and solutions to both SMBs and consumers, WebBank is dedicated to being a best-in-class provider of compliance, capital, and oversight management for strategic partner platforms. For more information about WebBank, visit webbank.com.

About Evolve Bank & Trust
Evolve Bank & Trust, headquartered in Memphis, Tennessee, is an FDIC-insured, state-chartered bank that operates loan production offices and full-service retail branches in Arkansas and Tennessee as well as mortgage production offices across the country. Evolve's dedicated Payment Processing Division offers ACH, Debit Sponsorship, Remote Deposit Capture and other processing solutions to clients around the country. In addition to banking, mortgage banking, and payment processing services, Evolve is a nationwide Preferred SBA Lender and also offers trust and fiduciary services, equipment finance and leasing, and physicians lending to its customers throughout the U.S. For more information about Evolve, visit getevolved.com.