Why we’re betting on Zero

By Tim Young, Founding General Partner

Money is universal. But how we use it says a lot about us. According to Facebook IQ Insights, 49% of millennials prefer mobile banking. Nobody has time for disjointed checking and savings accounts, separate credit cards with high APR’s and confusing (and sometimes costly) rewards programs. Our experiences are now instant, easy and, most importantly, connected, and so should our money.

Enter Zero, the company that aims to replace traditional consumer credit, debit and checking ecosystem.

And Eniac is placing big bets on them. We believe their business model allows for a customer-centric approach — something missing from legacy banking — and provides better economics which can be passed along to customers.

Today, the company announced the close of their $8.5M seed round, which supports the San Francisco-based company to continue to scale as quickly as their 150,000+ waiting list.

Banking with zero compromises. Zerocard is usable anywhere Visa is accepted, with free ATM access in over 50,000+ locations.

Coming in 2018, Zero will launch its inclusive banking platform that allows consumers the combination of a debit-style credit card with cash-back rewards, plus the highest interest on deposits, with none of the traditional bank fees. No more worrying about overspending, overdraft or hidden fees. Because Zero is also your bank account, you can instantly see your available balance, transaction history, local ATMs and even in-app customer support.

Zero payments are made with the Zerocard, a Visa mobile and physical card, available to spend anywhere Visa is accepted worldwide. All purchases are instantly deducted from your account and you earn unlimited cash back at a flat rate of 1.0% to 3.0% rate depending on card status.

Meet the Team

We invested in Zero because we believe that money as we know it today will be obsolete in 10–20 years. Money will be digital, interactions will be instant and unnecessary transaction fees will be eliminated. But we also believe in the visionaries that lead Zero. Founders Bryce Galen and Joel Washington are not your typical bankers. They come from technical product management backgrounds, Zero Founder & CEO Bryce Galen is not your typical banker. Prior to that, he worked for Fidelity Investments. He also founded and ran a business based in NYC that he grew to 55 employees and sold in a strategic acquisition.

Bryce Galen, Founder & Chief Executive Officer

“We’ve been blown away by the level of enthusiasm we have seen,” said Bryce Galen, Zero Founder & CEO. “More than 150,000 people have signed up for Zero, and our wait list continues to grow each day. Consumers across the country have shown that they are excited about Zero, and we are grateful to have the resources needed to ensure a seamless product launch.”

Joel Washington, Founder & Chief Operating Officer

“For far too long, traditional banks have forced consumers to choose between the balance oversight of a debit card and the rewards of a credit card,” said Co-founder & COO Joel Washington. “We can do much better. We are challenging the status quo by creating something more transparent and more rewarding than ever previously possible.”

We are excited to support the growing Zero team and encourage our community to sign up to experience a better way to bank.

Learn more about Zero at www.zerofinancial.com and follow them @zerofinancial.com.