Personal banking startup Eco raises $26 million from investors

Mar 6, 2021 | The Block News | 0 comments

personal-banking-startup-eco-raises-$26-million-from-investors

Personal banking startup Eco, announced Friday that it raised $26 million of new funding from investors. 

Leading the fundraising round was a16z Crypto, a $300 million crypto-focused venture fund founded by investors Marc Andreessen and Ben Horowitz. Other high-profile crypto investors include Coinbase Ventures, Pantera Capital, Anthony Pompliano, Blockchange Ventures, and nearly 100 more participants. 

In total, Eco has raised $35 million since its inception in 2018, building off a previous $8.5 million investment from startup accelerator Expa and crypto-focused investment firm Pantera Capital. 

“While improving existing systems is certainly a technological and economic challenge, it’s also a social challenge first,” the company said in a statement. “Our priority is to build a product that offers you dramatic benefits and improves your life — and only after that does anything else matter.”

Eco offers users up to 5% annually on deposits and 5% cashback that can be used at Amazon, Uber, and other companies. The startup also offers Venmo-like services to let users pay bills and friends from one wallet. It aims to cut out extraneous transactions and middlemen from financial transactions, saving money for users and merchants. 

Disclosure: Pantera Capital is an investor in The Block.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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