Eco is a digital cryptocurrency platform that can be used as a payment tool for daily-use transactions. The Eco app is currently in beta mode, limited to early waitlist users, employees at partnering companies, and referrals. The waitlist can be joined via the Eco website.
Eco offers an all-in-one digital wallet with no fees. It offers Eco Points rewards; combines high-yield savings with rewarded spending in a single, compounding balance; and allows users to set up bill-pay. Eco accounts earn 2.5% APY rewards on the cash balance and up to 5% when users refer friends and spend money at certain merchants.
Eco Points are one of the world's first open rewards currencies, and users can earn Eco Points for every dollar spent. Like PayPal, Venmo, or Cash App, funds in ECO are not covered by the FDIC. Users can deposit funds from a bank or set up payroll direct deposits. Users can also withdraw funds at any time, and there is no minimum balance requirement. Eco also offers an Eco Card for spending wallet funds. The Eco Card is a Mastercard debit card.
In 2021, Eco raised $86 million combined from a Series A round and a Series B round. Investors include Activant Capital, L Catterton, a16z crypto, Founders Fund, Activant, Lightspeed Venture Partners, LionTree Partners, and Valor Equity Partners. Eco raised its initial $8.5 million seed round in January 2020 from Access Ventures, Expa, Pantera Capital and StartX.
A16z-Backed Crypto Firm Eco Raises $60 Million in Funding Round
July 27, 2021
Eco Explore I: Audience Q&A (with Andy Bromberg, Eco CEO)
September 2, 2021
Eco Explore II: Full Program
December 3, 2021
Eco Explore III: Full Program
May 17, 2022