Zero

bankingtechnew core banking solutions

FOUNDING YEAR: 2016
LOCATION:
Last Update: 17/05/2021

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About

Zero is mobile banking with a card that acts like a debit card while earning up to 3% cash back on purchases, and zero of the fees traditional banks charge.

MEDICI Analysis

Zero is a FinTech startup which provides a mobile banking solution to its users, enabling them to access their deposits, purchases, and transfers in one place with real-time net balance.

Focus

PRODUCTS & SERVICES

The company offers two banking solution under one platform: 1. Zero Checking: Check account 2. Zerocard: A credit card. The company offers four types of credit cards: - Quartz: It is an entry-level Zerocard with 1% of cashback. - Graphite: It earns 1.5% cash back on purchases and 0.50% in rewards annually on average. Requires referring one friend to become a Zero customer or $25,000 in annual spending to qualify. - Magnesium: It earns 2.0% cash back on purchases and 1.00% in rewards annually. Requires referring two friends to become Zero customers or $50,000 in annual spending to qualify. - Carbon: It earns 3.0% cash back on purchases and 1.75% in rewards annually. Requires referring four friends to become Zero customers or $100,000 in annual spending to qualify.

EXISTING PARTNERSHIPS

WebBank

COMMENT

The company provides the Zero mobile app and the Zerocard, which helps to displays deposits, purchases, and transfers in one place with a real-time net balance. It creates an innovative debit-style experience with its elegant design and truly compelling rewards. (Nov. 2018)

Traction

TRACTION COMMENT:

The company claims that it has extended more invitations in the next few months to its 160,000-person waitlist to date. It has also raised 2.5 million dollars for a mobile banking experience with better rewards than traditional banks. (Nov. 2018)

company provided insights
Acquisitions

M&A

ACQUIRED BY

Avant

ANNOUNCED DATE

Apr 2021

PRICE

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