Eco Raises $26 Million in Latest Investment Round

With cryptocurrencies and blockchain continuing their march into the mainstream, venture capitalists are taking notice of startups utilizing these technologies in new and interesting ways. Recent weeks and months have brought a flurry of investments to their firms. The latest in this line is Eco, which has just revealed an eight-figure funding round.

This week, Eco announced that it had raised $25 million in its latest funding round. The Series A was led by 16z Crypto while Founders Fund, Activant Capital, Coinbase Ventures, and Slow Ventures participated. On top of that, the startup says that those investors were joined by “more than one hundred others.” To date, Eco has raised a total of $34.5 million, having previously secured $8.5 million in a seed round led by Expa and Pantera Capital early last year.

Eco aims to help users make the most of their money while replacing their traditional savings accounts, checking account, and credit/debit card. The company says that customers will earn 2.5% (and up to 5% if they refer friends) in interest annually on deposits as well as receive up to 5% cashback on select spending — all by leveraging cryptocurrencies. Other planned features include bill pay, P2P payments, and more. Currently, the service is in a private beta but is recruiting users for their pilot program via a waitlist on their website. What’s more, the startup boasts that said waitlist is more than 140,000 users deep.

Speaking more to the firm’s goals and vision, Eco CEO Andy Bromberg said in a statement, “Eco is arriving at the moment we need it most — existing financial infrastructure is failing us, and we deserve something better. Eco puts your money back to work for you. It’s not a bank, checking account, or credit card — we’re building something better than all of those combined.”

As noted, Eco’s Series A comes as cryptocurrencies are enjoying a true breakthrough. Over the weekend, Bitcoin topped the $60,000 mark for the first time to set a new record high (although it’s since pulled back some to around $55k). Meanwhile, investments in crypto-related companies have seemingly picked up, with BlockFi and NYDIG recently unveiling $350 million and $200 million investment rounds respectively.

While Eco’s inner workings remain a bit vague (at least to the public), clearly this round of investors like what they see in the company. Plus, with the startup now inviting users from its waitlist, it won’t be long before more details about their unique offering become available. As a result, Eco suddenly emerges as a FinTech to watch as the cryptocurrency revolution really starts to gear up.

Also published on Medium.


Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

July Report: U.S. Economy Regains Jobs Lost During Pandemic

In March of 2020, following a month that saw unemployment fall to 3.5%, the United States economy shed 459,000 jobs. This was followed up by a massive 20.5 million job loss in April, bringing unemployment to 14.7%. Now, 27 months later, the U.S. has returned to that February 2020 high. According to the latest Bureau of Labor Statistics report, the economy added 528,000 jobs in July. This was more than...

American Express Global Pay for Small Businesses Launches

A new offering from American Express is aiming to make international business-to-business payments easier for owners. This week, the company announced the launch of Global Pay. Using this digital platform, U.S. small businesses can make secure B2B payments to suppliers in more than 40 countries. With the mobile-friendly service, businesses will be able to see exchange rates at the time that they create payments and will be able to view...

Truebill App Rebrands to Rocket Money

In recent years, one of the most talked about personal finance apps has been Truebill. Founded in 2015, the platform has since helped users save a reported $250 million — including $150 million this year. Now, Truebill is changing its name and will continue on as Rocket Money. This name change comes following Rocket Companies' acuqision of Truebill in December 2021. The purchase cost Rocket $1.275 billion in cash. When the...