Today, Zero Financial, Inc. (Zero) announces that it has raised a total of $16 million in equity and debt funding to date from leading investors including Eniac Ventures, NEA, Nyca Partners, and Silicon Valley Bank.

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.