Zero Financial Inc. announced the launch of its San Francisco-based mobile banking app that offers up to 3% back on qualified purchases and opened up invitations of up to 210,000 potential customers off the company waitlist. 

After raising a total of $35 million from New Enterprise Associates, SignalFire, Eniac Ventures and NYCA, the app includes a World Mastercard that customers can use for purchases, helps users manage spending and charges no ATM, maintenance or annual fees, Bryan Galen, founder and CEO, told Mobile Payments Today via email. 

The app offers its Zerocard payment platform under four levels, Quartz, Graphite, Magnesium and Carbon. The levels rise based on the amount of cashback offered and design of the card. The card is issued through WebBank.  

"Today's consumers are looking for a banking experience that empowers them, which is why we are excited by Zerocard's new approach to banking and rewards for the digital age," Jason Lloyd, executive vice president for strategy and business development at WebBank, told Mobile Payments Today via email. 

The company unveiled the app in November 2018 with a limited number of users, the exact number they declined to specify, and a spokesman confirmed via email that they are now allowing consumers on the waitlist and the general public to apply for the mobile banking service. 

The app is currently available through the iOS store, but pre-registration is available for the Android version on the Google Play store. 

Cover photo: Zerocard