Eco, a U.S.-based digital wallet for saving and spending, announced on Friday it raised more than $26 million through its latest investment round, which was led by a16z Crypto with participation from Founders Fund, Activant Capital, Coinbase Ventures, and Slow Ventures. Eco reported that the investment round comes after it raised over $8.5 million from Expa and Pantera Capital.
Founded in 2018, Eco describes itself as a digital wallet for saving and spending. The platform states it replaces checking accounts, credit cards, and more with a single product that rewards customers every time they save, spend, or send money.
“With Eco, users earn up to 5% annually on their deposits and also get 5% cashback on spending at major merchants. Eco is developing features to help users pay bills, send money to friends, and more — all from the same, single wallet. But today, there’s a second trend at play: trust in institutions is plummeting. Not only is everyone looking for alternatives, but they are open to new ideas from non-institutional players.”
While sharing more details about the company’s services, Andy Bromberg, CEO of Eco, explained:
“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.”
Eco added it is now focused on expanding the benefits offered to users, meeting the increasing demand for the product, and building towards the future of novel, aligned financial services business models. The funds will be used for the continuous growth and development of the Eco products.