Digital wallet start-up Eco lands $60m investment

San Francisco-based fintech start-up Eco has raised $60 million in a fundraising spherical led by Activant Capital and L Catterton.


Eco launched its app in March this yr

The spherical additionally included participation from a16z Crypto, Lightspeed Enterprise Companions, LionTree Companions, and Valor Fairness Companions, amongst others.

It comes simply 4 months after the corporate launched its digital pockets app following a $26 million fundraise in March led by a16z Crypto.

The brand new funding takes its complete raised to round $94.5 million, together with the agency’s $8.5 million seed spherical led by Expa and Pantera Capital.

Eco supplies a “Sensible Cash” digital pockets that rewards prospects after they save, spend, or ship cash.

The corporate claims prospects can earn as much as 5% yearly on deposits and get 5% cashback on spending with firms similar to Amazon and Uber.

Eco says the app, which had a waitlist of 180,000 individuals at launch, helps consolidate prospects’ funds in a single place “with out charges and with out enterprise fashions that take cash out of your pocket”.

It provides the brand new funding might be used to proceed its development, together with constructing new use circumstances and providers, increasing service provider partnerships, and scaling the app.

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