Zero Financial, a US-based mobile banking startup which combines debit functionality and credit card rewards to deliver better experience for customers, has raised $8.5m in funding round, led by ENIAC Ventures.

New Enterprise Associates, Nyca Partners, Lightbank and Middleland Capital are the other investors which were involved in the funding round.

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The company’s product Zero is powered by a mobile app and Zerocard, a Visa card that comes in four levels with varying rewards.

Zerocard offers cash back on card spending from 1% to 3%. In order to become Zero customers, the users have to refer friends and family or meet annual spend requirements to increase their cash back level.

It also pays high annual percentage on the average daily net balance of the customers and does not charge any extra fees.

The app will allow Zerocard to act like a debit card, where deposits, purchases, and transfers can be done with net balance.

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Some unique features of the credit card include – an Intelligent Advisor that forecasts balances, no ATM fees at more than 50,000 locations, and customer support via in-app live chat.

Zero founder and CEO Bryce Galen said: “We’ve been blown away by the level of enthusiasm we have seen. Almost 150,000 people have signed up for Zero, and our waitlist 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.”

Eniac Ventures founding general partner Tim Young added: “Over the past few years we have seen a major shift in the way people are banking, and the financial industry has struggled to adapt to the debit-first generation.

“We are excited to be working with Zero because they have built a strong team around the first product that brings together the ease of debit, flexibility and rewards of credit, and unique AI driven insights.”